Madrid-based venture capital firm Seaya has closed Seaya Andromeda fund, Southern Europe’s first Article 9 climate-tech fund, at €300M. The fund’s limited partners include Iberdrola, Nortia, Santander, BNP Paribas Group, Next Tech Fund, and Bpifrance.
Carlos Fisch, partner at Seaya, says, “In addition to investors that can provide capital, there is a need for experienced investors with a proven track record who can support startups navigating the growth challenges in this space.”
“Since we started investing, we have backed 12 climate tech companies and have successfully exited three of them: Wallbox, RatedPower and Ecoalf.”
This new fund brings Seaya’s total assets under management to over €650M, making it the largest VC investor in Spain. ‘Seaya Andromeda’ intends to invest in 25 climate-focused portfolio companies before the end of 2027.
Accelerating the growth of startups
Seaya, with twelve years of climate tech experience, has launched ‘Andromeda’ to invest in companies focused on energy transition, decarbonisation, sustainable food value chains, and the circular economy.
Pablo Pedrejón and Carlos Fisch lead Andromeda as Investment Partners. The fund, adhering to SFDR’s Article 9, ensures that all investments have a positive impact on society or the environment.
Pedrejón says, “Deep-tech climate entrepreneurs face a unique set of challenges compared to software-tech entrepreneurs. Climate-tech companies must translate research into a working product, bring it to market, and then scale it.”
“This long journey requires different kinds of support than what is typically provided to software startups. This is why there is a need for Series B and B+ investors that help climate tech startups bridge the ‘valley of death’ – the gap from initial development to deployment at scale.”
Seaya has already made its first five investments from the Andromeda fund into impact tech companies, including Recycleye, an AI-driven robot for sorting recyclable waste, and 011h, a construction firm reducing CO2 emissions by 75 per cent.
To back 25 startups by 2027
Seaya Andromeda is Southern Europe’s largest ClimateTech VC fund, managing €300M AuM and focusing on growth. It is part of Seaya, a European and Latin American VC platform with offices in Madrid, Barcelona, and Mexico City.
Seaya’s new fund will invest between €7M-40M as a first cheque and retain capital for follow-ons. It plans to make 25 investments by the end of 2027, including around five more deals this year.
Seaya, founded in 2013 by former private equity investor Beatriz González, is a female-founded venture capital firm. González’s first sustainability-focused investment was in Ecoalf, a recycled clothing line, in 2012.
Seaya Ventures has since invested in seven more sustainability startups, including Clarity.ai, Biome Makers, RatedPower, Samara, Crowdfarming, Descartes, and Wallbox, which went public on the NYSE in 2021.
Founder and Managing Partner, González, says, “From day one we were focused on impact and climate. We have a strong technological background in this space.”
“We started in 2012 backing climate tech companies and have successfully guided three of them right through to exit. We have 12 years of experience in this space and we can bring this knowledge and expertise to founders through this specialised vehicle.”
Seaya Ventures invests at the Series B+ stage in companies from the UK, Denmark, the US, and Spain.
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