Spain’s vulnerability to climate change aids Madrid-based VC Seaya in closing a €300M climate tech fund

According to a recent Dealroom report on the Spanish tech ecosystem, the combined enterprise value of Spanish startups surpassed €100 billion in 2023. Reinforcing this upward trajectory, Madrid-based venture capital fund Seaya has successfully closed Seaya Andromeda, a €300 million climate tech fund. This fund, designated as an “Article 9” under the EU’s Sustainable Finance Disclosures Regulation Act, mandates that investments must have a positive societal or environmental impact.

Seaya, founded 12 years ago, has traditionally focused on mission-driven startups across Europe and Latin America. The newly established Andromeda fund will target growth companies in sectors such as energy transition, decarbonization, sustainable food value chains, and the circular economy. The fund plans to invest between €7 million and €40 million initially, with reserved capital for follow-on investments, and aims to complete 25 investments by 2027. So far, five investments have been made from the fund.

Beatriz González, who founded Seaya in 2013, brings a rich background in private equity and sustainable investing. González previously worked at Morgan Stanley, Excel Partners, and Darby Overseas Investments in the U.S. She later served as a director of Telefónica’s pension fund, overseeing its alternative assets program. Her interest in climate and sustainable investing was piqued after backing a recycled clothing line.

Under González’s leadership, Seaya has invested in several climate tech companies, including Biome Makers, Clarity.ai, Crowdfarming, Descartes, RatedPower, Samara, and Wallbox, the electric car charging stations company that went public on the New York Stock Exchange in 2021.