Madrid-based Seaya has closed its latest climate tech fund at €300m, bringing its assets under management to €650m and making it the largest venture firm in Spain.
The fund will be invested as €7m-40m as a first cheque and retain capital for follow-ons. The fund will invest in companies that are either reducing waste or greenhouse gas emissions.
Seaya, which was set up in 2013 by former private equity investor Beatriz González, has closed five funds. Three are focused on sector-agnostic early-stage investments, one is the climate tech-focused Andromeda fund and the other is a Latin America-focused fund.
Southern Europe doesn’t typically attract as much climate tech investment as places like the Nordics, but Pedrejón says there are several areas in which the region can excel.
“Southern Europe has the most sunlight hours across Europe, making the region fertile for accelerated renewable adoption,” Pablo Pedrejón, Investment Partner at Seaya, says. Spanish energy firm Iberdrola is one of the LPs in Seaya’s new fund, expertise Pedrejón says it can leverage when looking at energy-related opportunities.
“Spain has exported construction expertise through leading global companies such as ACS and Sacyr,” he says, adding that this means the country has the expertise to help mitigate the sector’s significant emissions.
Seaya’s Andromeda fund has already backed five companies, including Recycleye, which has built a robot that sorts recycling waste, and 011h, a construction company focused on green building. The fund plans to make 25 investments by the end of 2027.
