Seaya Capital, a Madrid-based VC fund, recently announced the closure of Seaya Andromeda, a €300 million climate-tech fund known as an ‘Article 9’ fund. This fund is based in Madrid and aims to address Spain’s climate change challenges by investing in growth companies specializing in energy transition, decarbonization, sustainable food value chains, and the circular economy. Seaya has been operating for 12 years, focusing on mission-driven startups in Europe and LatAm.
The firm plans to deploy between €7M-€40M as an initial investment and retain capital for follow-on investments. By the end of 2027, Seaya aims to make 25 investments through the new climate fund. Currently, five investments have already been made from the fund. Seaya was founded in 2013 by Beatriz González, a former private equity investor, who transitioned into climate and sustainable investing after supporting a recycled clothing line. She brings a wealth of experience from her time at Morgan Stanley, Excel Partners, and Darby Overseas Investments in the US, as well as her role as a director of Telefonica’s pension fund.
González highlighted the advantages of having a climate tech fund based in Spain, citing the country’s proximity to climate change effects such as extreme heat waves, droughts, wildfires, and storms. She emphasized Spain’s expertise in renewable energy, auto parts manufacturing, agriculture, and real estate as factors contributing to the fund’s advantage in the industry. Seaya’s expertise in deep-tech investment decisions comes from in-house engineers and a network of LPs, including major European Union banks like Santander, providing knowledge in project finance for energy and factories.
Some of Seaya’s notable investments include Seabery, a Spain-based augmented reality training solution for welders that reduces carbon emissions by 95% per welding session. The firm also invested in Recycleye, a UK-based AI-powered waste management startup, and Pachama, a San Francisco-based climate-tech company focused on carbon credit verification.
The announcement of Seaya’s new climate-tech fund adds to the growing trend of funding renaissance in Southern Europe, with other funds like Plus Partners launching in Barcelona. Spain’s startup ecosystem was ranked fourth overall in the “State of European Tech” report for 2023 and recorded the highest number of startup fundings last year, indicating the region’s strong position in the tech industry.
