Seaya closed its climate-tech fund, Seaya Andromeda, at €300 million on July 2, 2024. Founder and managing partner Beatriz González said Southern Europe’s experience with extreme heat, together with Spain’s renewable-energy and industrial expertise, helped explain the fund’s Madrid base. That is Seaya’s investment thesis—not independent evidence that Spain faces uniquely high climate risks or that climate exposure alone secured the fund’s backing.
What Seaya Andromeda is—and what it plans to fund
Seaya described Andromeda as a European growth-stage fund for impact-driven companies working in energy transition, decarbonization, sustainable food value chains and the circular economy. Its close announcement said it would invest in companies that promote a sustainable society by reducing waste and pollution, and identified the fund as classified under Article 9 of the EU Sustainable Finance Disclosure Regulation (SFDR). Seaya’s July 2024 announcement and its 2024 impact report, published in 2025, are manager-produced descriptions of the strategy and impact.
Announced investment terms
At the July 2024 close, Seaya announced an initial cheque range of €7–40 million, reserves for follow-on investments and a plan to make 25 investments by the end of 2027. These were terms and a target stated at launch, not a guarantee of investment outcomes or a current count of completed investments. Seaya also said the close took its platform assets under management above €650 million.
There is a difference in the published cheque ranges: Seaya’s 2025 report gives an initial ticket range of €10–40 million, whereas the 2024 close announcement and contemporaneous TechCrunch report gave €7–40 million. The sources do not explain the change, so the figures should be read with their dates and sources rather than combined into one range.
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What the portfolio examples cover
Seaya’s 2024 impact report describes companies spanning several kinds of climate and sustainability technology: 011h develops low-carbon-emitting wood residential buildings through an operating platform; Seabery provides augmented-reality training for heavy-industry workers; Pachama uses machine learning and satellite or airborne observations to measure forest carbon; Recycleye combines computer vision and hardware for recycling automation; and Aegir Insights provides offshore-wind investment software, data and intelligence.
Seaya’s close announcement named Recycleye and 011h among Andromeda’s first five investments and said 011h reduces building-site CO₂ emissions by 75 per cent. That reduction is Seaya’s company-specific claim; it should not be treated as an independently verified result or as a general reduction for wood buildings.
Why Seaya said Spain made sense as a base
In a July 2024 interview with TechCrunch, González connected Southern Europe’s experience of heat waves with public awareness, then pointed to regional industry knowledge. She said: “One is because Southern Europe is having more extreme heat waves. So clearly, there is much more social awareness.”
She also cited renewable energy and manufacturing: “We’ve been pioneers in renewable energy, so we have the talent and we have the big companies in the manufacturing of auto parts. So we have a big industrial base.” Her explanation extended to agriculture and real estate: “The same with agriculture and real estate exposure. So we do believe that we have the industry expertise and talent coming from Southern Europe, especially, and Spain, that does give us a bit of advantage.”
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This is the fund manager’s rationale for a regional advantage: climate awareness alongside talent and sector expertise. The interview does not provide a national statistic, a comparison of climate hazards across countries, or evidence that Spain’s exposure alone attracted investors. Its framing mentions heat, drought, wildfires and storms, but González’s quoted explanation specifically discusses heat waves and industry experience.
What official records and later reporting confirm
The Spanish securities regulator CNMV lists Seaya Andromeda Sustainable Tech Fund I FCR as fund no. 370. Its register entry gives March 18, 2022 as the registration date, March 6, 2024 as the last prospectus date, and Seaya Capital Gestion, SGEIC, S.A. as manager. The CNMV entry says responsibility for the prospectus and key information document rests with the manager; the regulator does not verify their content.
Iberdrola’s 2024 annual report provides a later checkpoint: it says Andromeda reached its €300 million target and invested in Bike Ocasion, Quatt and Aegir during 2024. Those names are reported 2024 investments, not a complete current portfolio list.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Do not confuse Andromeda with Seaya’s other €300 million figure
In February 2026, the European Investment Fund announced a separate €300 million commitment to Seaya Growth Tech Fund I, which has a €1 billion target and a broader technology mandate. The EIF describes investments in Series C growth companies; climate solutions are among the wider technology areas. This is not another close or a new commitment to Andromeda. The distinction is set out in the EIF announcement of February 9, 2026.
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