A recent Dealroom report highlights the Spanish tech ecosystem’s combined enterprise value surpassing €100 billion in 2023. Madrid-based VC fund Seaya has further solidified this growth by closing Seaya Andromeda, a €300 million climate tech fund based in Madrid. This “Article 9” fund, under the EU’s Sustainable Finance Disclosures Regulation Act, focuses on investments that positively impact society or the environment.
Seaya, established 12 years ago, primarily invests in mission-driven startups across Europe and LatAm. The Andromeda fund aims to support growth companies in energy transition, decarbonization, sustainable food value chains, and the circular economy. The fund will provide initial investments between €7 million and €40 million, retaining capital for follow-ons, and plans to make 25 investments by 2027, with five already made.
Founded in 2013 by Beatriz González, who transitioned to climate and sustainable investing after backing a recycled clothing line, Seaya has previously invested in companies such as Biome Makers, Clarity.ai, Crowdfarming, Descartes, RatedPower, Samara, and Wallbox.
González emphasizes Spain’s advantage in climate tech due to its exposure to extreme weather and its expertise in renewable energy, manufacturing, agriculture, and real estate. Seaya leverages in-house engineering expertise and a network of LPs, including European Union banks like Santander, to make informed investment decisions.
Seaya’s investments include Spain-based Seabery, which developed AR software and hardware for training welders, reducing carbon emissions by 95% per session, U.K.-based AI-powered waste management startup Recycleye, and San Francisco’s Pachama, a climate tech company using data to verify the quality of carbon credits.
This new fund reflects Southern Europe’s funding resurgence, alongside other recent initiatives like Plus Partners’ launch in Barcelona. The 2023 “State of European Tech” report ranks Spain’s ecosystem fourth overall, with the highest number of startup fundings last year.
