Fundraising Investments

Seaya’s Andromeda becomes the largest VC fund focused on sustainability in Southern Europe

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Written by Stefano De Marzo

Seaya Ventures, the leading European Venture Capital manager behind unicorns such as Wallbox, Glovo, and Cabify, has partnered with Iberdrola and Nortia to launch the sustainability-focused Venture Capital fund Seaya Andromeda. The fund, with a first closing of €130 million, has a target size of €300 million and will remain open to new investors for the next few months.

Sustain or die

In the face of global sustainability challenges, Seaya Andromeda brings a unique value proposition thanks to a joint effort between Iberdrola’s leading vertical expertise, the public sector –through a substantial commitment from Fond-ICO Next Tech–, and the support of top sustainability-driven investors such as Nortia.

The fund will follow Seaya’s strategy of investing in outstanding and mission-driven founders, which has resulted in a superior track record of sustainable investments with a direct and measurable positive impact. Seaya Andromeda will also build on top of Seaya’s success stories in the target verticals such as Wallbox, the first Spanish tech company to be traded on the NYSE; Clarity AI, a global sustainability leader backed by international investors Blackrock and Softbank; as well as Ecoalf, Pachama, Biome Makers, CrowdFarming or RatedPower.

Beatriz González, Founding Partner of Seaya Ventures, has no doubt innovation and technology are essential for sustainable economic development. “With Seaya Andromeda we want to support those founders committed to this mission. We are honored and excited to have the support of Nortia, Iberdrola, and Fond-ICO Next Tech in building the first Southern European fund dedicated to sustainable tech.” said González.

Green milestone

Seaya raised its first funding in 2013 and currently manages over €500 million across four early-stage venture funds. Now with Andromeda, it has achieved the highest possible level of commitment to sustainability being an Art. 9 Fund –as of the EU’s Sustainable Finance Disclosure Regulation– with impact methodology applied to the processes of sourcing, due diligence, decision-making, and post-investment measurement.

At the moment, the fund already has an active pipeline, with 3 investments in advanced stages of due diligence. Nevertheless, Seaya Andromeda’s plans are to promote a sustainable and healthy society in the long run by reducing waste and pollution, through investments in top European tech-driven companies focusing on GreenTech, Circular Economy, Agritech, and Sustainable Food Value Chain.

About the author

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Stefano De Marzo

Stefano De Marzo is the editor of Novobrief.