Seaya has closed Seaya Andromeda, the first Article 9 climate-tech fund based in Southern Europe, at €300 million. LPs in the new fund include Iberdrola, Nortia, Santander, BNP Paribas Group, Next Tech Fund, Bpifrance and brings Seaya platform’s total AUM to over €650 million, making the firm the largest VC investor in Spain.
Seaya, with twelve years of experience in climate tech, has set up ‘Andromeda’ to invest in impact-driven growth companies specialized in energy transition, decarbonization, sustainable food value chain, and circular economy. The fund only invests in companies that promote a sustainable society by reducing waste and pollution. The fund subscribes to SFDR’s Article 9, which ensures that all investments the firm makes have a positive impact on society or the environment.
The firm has already made its first five investments from the fund into a range of impact technology companies, including Recycleye an AI-driven robot which sorts recyclable waste, and 011h, an environmentally friendly construction firm which reduces building-site CO2 emissions by 75 per cent.
Seaya’s new fund will invest anywhere between €7-40 million as a first cheque, and will retain capital for follow-ons. It plans to make 25 investments in total between now and the end of 2027, including around five more deals this year.
Seaya is one of few female-founded venture capital firms in Europe, launched in 2013 by former private equity investor Beatriz González. Across Europe, only 15% of ‘decision makers’ are women. González made her first sustainability-focused investment in 2012, backing Ecoalf, a sustainable and recycled clothing line. Seaya Ventures went on to invest in seven more startups in this space including Clarity.ai, Biome Makers, RatedPower, Samara, Crowdfarming, Descartes and Wallbox (which went public on the New York Stock Exchange in 2021).
Beatriz González, Founder and Managing Partner of Seaya, said: “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 specialized vehicle.”
By investing at Series B+ stage in British, Danish and US companies, as well as in Spanish ones, Seaya has drawn on its experience in the global expansion of portfolio companies such as unicorns Glovo, Cabify and Wallbox and companies such as RatedPower, Alma, Descartes. One of its other attractions for entrepreneurs is its extensive network of founders, investors and multinational corporations.
Carlos Fisch, partner at Seaya, commented: “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”
Pablo Pedrejón, partner at Seaya, added: “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.”
Read the orginal article: https://www.eu-startups.com/2024/07/seaya-closes-e300-million-climate-tech-fund-southern-europes-biggest-investment-vehicle-for-impact-driven-companies/
