Spain’s publicity to local weather alternate is helping Madrid-based VC Seaya shut €300M local weather tech fund



In keeping with a up to date Dealroom record at the Spanish tech ecosystem, the blended endeavor price of Spanish startups surpassed €100 billion in 2023. In the most recent affirmation of this upward development, Madrid-based VC fund Seaya has closed Seaya Andromeda, an “Article 9” €300 million local weather tech fund founded out of Madrid.

Article 9 refers back to the EU’s Sustainable Finance Disclosures Legislation Act, which places the onus on funding companies to make sure their investments have a good affect on society or the surroundings. 

Seaya has been round for 12 years, basically specializing in mission-driven startups in Europe and LatAm. The brand new “Andromeda” fund will put money into expansion firms specializing in power transition, decarbonization, sustainable meals price chains, and the round economic system.

The company stated the brand new local weather fund will deploy between €7 million and €40 million as a primary take a look at; will retain capital for follow-ons; and plans to make 25 investments by means of the top of 2027. Up to now, 5 investments were comprised of the fund (see underneath).

Seaya was once introduced again in 2013 by means of former non-public fairness investor Beatriz González, who were given into local weather and sustainable making an investment after backing a recycled clothes line. She prior to now labored for Morgan Stanley, Excel Companions and Darby In another country Investments within the U.S. After that she become a director of Telefónica’s pension fund, main its choice property program.

Underneath González, Seaya has invested in local weather tech firms, together with Biome Makers,, Crowdfarming, Descartes, RatedPower, Samara, and electrical automotive charging stations corporate Wallbox (which went public at the New York Inventory Trade in 2021). 

Over a decision, I requested González if she idea there’s a explicit merit in having a fund out of Spain tacking local weather tech, given the rustic’s proximity to one of the vital worst results of a converting local weather, equivalent to excessive warmth, drought, wildfires and storms.

“It’s a excellent query,” she stated. “For those who take into accounts power transition and decarbonization, coming from Southern Europe, specifically Spain, we do see that we’re higher suited to two causes. One is as a result of Southern Europe is having extra excessive warmth waves. So obviously, there’s a lot more social consciousness. However we additionally assume that we’ve got aggressive benefits within the industries that we’re focused on.

“We’ve been pioneers in renewable power, so we’ve the ability and we’ve the large firms within the production of car portions. So we’ve a large commercial base. The similar with agriculture and actual property publicity. So we do consider that we’ve got the business experience and ability coming from Southern Europe, particularly, and Spain, that does give us just a little of merit.”

I additionally requested what sort of experience they have got that may let them make deep tech funding choices about local weather tech.

“We’ve got a few engineers so we’ve that in-house experience, however in our LP community we’ve large Ecu Union banks like Santander which do mission finance for power or factories. So getting access to that wisdom is helping us do the due diligence and transfer a lot quicker.”

To this point, Seaya has used that wisdom to put money into a number of related firms. Spain-based augmented-reality talent coaching resolution Seabery, for instance, advanced AR tool and {hardware} for coaching welders, that means they don’t want to use actual welding to coach, thus lowering carbon emissions by means of 95% in line with welding consultation.

It has additionally invested in U.Okay.-based AI-powered waste control startup Recycleye in February 2022, which builds robots to type garbage for recycling. 

In San Francisco, the company invested in Pachama, a local weather tech corporate that makes use of information to make sure the standard of carbon credit and permit the release of recent carbon credit score tasks. 

The scoop of the brand new fund follows different indicators of the Southern Ecu investment renaissance. Handiest final week, Plus Companions introduced in Barcelona, aiming to drum up a $30 million to $50 million fund.

The once a year “State of Ecu Tech” record for 2023 additionally discovered Spain’s ecosystem to be in fourth position general and stated it had the best selection of startup fundings final 12 months.



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