The Spanish tech ecosystem continues to thrive, with the combined enterprise value of Spanish startups surpassing €100 billion in 2023. Madrid-based VC fund Seaya is capitalizing on this upward trend by closing a €300 million climate tech fund called Seaya Andromeda. The fund will focus on investing in growth companies that specialize in energy transition, decarbonization, sustainable food value chains, and the circular economy.
Seaya, known for its mission-driven investments in Europe and Latin America, plans to make 25 investments by 2027 from the new climate fund. With a first check ranging from €7 million to €40 million, the fund aims to support companies at various stages of growth. Seaya Andromeda has already made five investments, including companies involved in augmented reality skill training, AI-powered waste management, and data-driven verification of carbon credits.
The fund’s location in Spain provides unique advantages. The country’s proximity to the severe effects of climate change, combined with its expertise in renewable energy and industrial manufacturing, positions Seaya Andromeda to make informed investment decisions. The launch of this climate tech fund adds to the growing funding activity in Spain’s tech ecosystem, which has gained recognition for its strong startup culture and high number of fundings in recent years.