A recent report by Dealroom highlights the growing momentum of the Spanish tech ecosystem, with the combined enterprise value of Spanish startups surpassing €100 billion in 2023. This upward trend is further reinforced by the announcement of Seaya Andromeda, a €300 million climate tech fund launched by Madrid-based VC firm Seaya.
Seaya’s Climate Tech Fund: A Significant Milestone
Seaya Andromeda is an ‘Article 9’ fund, referring to the EU’s Sustainable Finance Disclosures Regulation Act. This regulation emphasizes the importance of investment firms having a positive impact on society or the environment. The new fund will invest in growth companies specializing in energy transition, decarbonization, sustainable food value chains, and the circular economy.
Investment Strategy and Objectives
Seaya has stated that the Andromeda fund will deploy between €7 million and €40 million as a first check, with plans to retain capital for follow-ons. The firm aims to make 25 investments by the end of 2027, with five investments already made from the fund.
Seaya’s Expertise and Competitive Advantage
Beatriz González, founder of Seaya, highlights the competitive advantages that Spain offers in climate tech investing. "Coming from Southern Europe, particularly Spain, we do see that we are better suited for two reasons," she explains. "One is because Southern Europe is having more extreme heat waves. So clearly, there is much more social awareness. But we also think that we have competitive advantages in the industries that we are targeting."
Industry Expertise and Talent
Seaya’s proximity to Southern Europe provides access to a pool of industry expertise and talent. González notes, "We’ve been pioneers in renewable energy, so we have the talent and expertise in this area." This unique position enables Seaya to identify and invest in companies that are well-positioned for growth in the climate tech sector.
Investment Focus
The Andromeda fund will focus on investing in companies working towards a sustainable future. "We’re looking for companies that have a clear vision for reducing carbon emissions, improving resource efficiency, and promoting sustainable practices," González explains.
Conclusion
Seaya’s launch of the Andromeda fund marks an exciting milestone for the Spanish tech ecosystem. With its focus on climate tech investing and commitment to sustainability, Seaya is poised to make a significant impact in the industry.
About Seaya
Seaya is a Madrid-based VC firm that focuses on investing in early-stage companies with high growth potential. The firm’s expertise in climate tech and sustainable investing positions it as a leader in the European startup ecosystem.
Related News
- Dealroom Report: Spanish Tech Ecosystem Surpasses €100 Billion
- Seaya Andromeda: A New Climate Tech Fund
- Climate Tech Investing on the Rise in Europe
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