TLDR:
- Seaya has launched a $320 million fund for growth-stage climate tech startups, making it the largest VC firm in Spain.
- The Seaya Andromeda fund will focus on startups in four key sub-sectors within climate tech.
Madrid-based venture capital firm Seaya, founded by Beatriz González, has closed its new $320 million fund for growth-stage climate tech startups, making it the largest VC firm in Spain with €650 million under management. The Seaya Andromeda fund subscribes to Article 9 of the Sustainability Finance Disclosure Regulation, meaning all investments must have a positive environmental or social impact. The fund’s check sizes will range from $7.5 million to $42 million and will focus on startups in the energy transition, decarbonization, sustainable food value chain, and the circular economy sub-sectors.
Seaya has already invested in five climate tech startups, including Recycleye and Pachama, with plans to support around 25 startups by 2027. They are looking for mission-driven founders with a strong execution track record and companies that can become regional or global leaders in their sector. Seaya managed to secure funding from major institutions due to its 10-year track record in the climate tech space.
The fund has backing from high-profile LPs, including Santander, BNP Paribas Group, Bpirfrance, Iberdrola, and Nortia, and is now the largest VC investor in Spain. Climate tech has been a bright spot in Europe, with startups in the sector raising significant amounts of capital in recent years. Investors are particularly interested in carbon removal, energy software, and retrofits, areas that align with Seaya’s investment focus.
Overall, Seaya’s new fund is set to make a significant impact in the climate tech sector and support the growth of startups with a positive environmental impact.
