According to a recent Dealroom report on the Spanish tech ecosystem, the combined enterprise value of Spanish startups has surpassed €100 billion in 2023. This upward trend is confirmed by Madrid-based VC fund Seaya’s latest move, which has closed Seaya Andromeda, an ‘Article 9’ €300 million climate tech fund based out of Madrid.
What is Article 9?
The EU’s Sustainable Finance Disclosures Regulation Act refers to the regulation as ‘Article 9’. This act puts the onus on investment firms to ensure their investments have a positive impact on society or the environment. Seaya, which has been around for 12 years, mainly focuses on mission-driven startups in Europe and LatAm.
Seaya’s New Fund: Seaya Andromeda
The new ‘Andromeda’ fund will invest in growth companies that specialize in energy transition, decarbonization, sustainable food value chains, and the circular economy. The firm said the new climate fund will deploy between €7 million and €40 million as a first check; will retain capital for follow-ons; and plans to make 25 investments by the end of 2027.
Investments Made So Far
So far, five investments have been made from the fund:
- Biome Makers
- Clarity.ai
- Crowdfarming
- Descartes
- RatedPower
Seaya’s Founder: Beatriz González
Under Seaya’s founder, Beatriz González, the firm has invested in climate tech companies. Gonzalez got into climate and sustainable investing after backing a recycled clothing line. She previously worked for Morgan Stanley, Excel Partners, and Darby Overseas Investments in the U.S.
González on Seaya’s Investment Strategy
"We are excited to launch our new fund, Seaya Andromeda, which will focus on investing in companies that contribute positively to society and the environment," said González. "Our goal is to identify and support innovative startups that can drive significant impact and returns for our investors."
The Spanish Tech Ecosystem’s Growth
This news comes at a time when the Spanish tech ecosystem is experiencing rapid growth. According to Dealroom, the combined enterprise value of Spanish startups has surpassed €100 billion in 2023.
Conclusion
Seaya’s new fund, Seaya Andromeda, marks an important milestone for the Spanish tech ecosystem. With its focus on climate tech and sustainable investing, the firm is well-positioned to drive growth and innovation in this rapidly expanding sector.
Related News:
- "The Future of Sustainable Investing" by Bloomberg
- "Spanish Tech Startups Raise €1 Billion in 2023" by Dealroom
- "Seaya’s Founder on Climate Tech and Sustainable Investing" by Forbes