\Venture Capital News/ Seaya launches €85m third fund and hints at new LatAm investment vehicle The Madrid-based VC has historically had a strong Latin American presence By Tim Smith in Barcelona 5 October 2020 \Venture Capital Europe’s top climate tech investors By Connor Bilboe 15 January 2021 \Venture Capital News/ Seaya launches €85m third fund and hints at new LatAm investment vehicle The Madrid-based VC has historically had a strong Latin American presence By Tim Smith in Barcelona 5 October 2020 Seaya Ventures, the first financial investors in Spanish unicorns Cabify and Glovo, are today launching their third fund with an initial closing of €85m, and a target of €125m. 90% of the investment for the new fund comes from pre-existing LPs. “In this third fund we are going to focus exclusively on Southern Europe and we will also invest opportunistically in other European countries,” said Beatriz Gonzalez, founder and managing partner at Seaya Ventures. The fund has historically had a strong presence in Latin America, with recent investments in Colombian and Mexican startups Muy and Coru, but believes the Covid-19 pandemic has strengthened the case for opportunities closer to home. Advertisement “The international community has spent a lot of time in Spain in the last couple of years and that has been super positive, but it’s true that with Covid and with less travelling, it’s more difficult for all of us,” Gonzalez explains. “Much like us doing a transaction in Latin America without being able to travel.” The current pause on international travel means that Spanish VCs are operating in a less competitive market when it comes to local investments, according to Gonzalez. “We see a huge opportunity and a more interesting local edge,” she explains. “International funds that invest in the region are probably more focussed on their own countries and their own markets, so the equity gap that we’ve seen in the past few years is still very interesting for us.” While Seaya Ventures doubles down on southern Europe, Gonzalez told Sifted that she is working on a new investment vehicle that will focus solely on Latin American investments. “We’re going to launch a different fund, a different vehicle with a different management company for Latin America. We’re doing this partnership with a leading global VC fund,” she says. “The ecosystem has evolved” It’s not only a lack of international travel making Spain an attractive place to invest now, says Gonzalez, as the country’s startup sector is producing more and more innovative deep tech companies. “We’ve seen big changes in the last couple of years, if you look at our first fund and then you compare it to our second fund,” she says. “All these companies that we’ve invested in in the last 18-24 months have a big technology component. It wasn’t the case at the beginning. More than half of our deal flow is now deep tech so the ecosystem has evolved.” “It’s not just e-commerce or marketplaces, it’s much more than that and I think our portfolios are a reflection of that,” she adds. Gonzalez says that Covid-19 has accelerated startup development, and that the fund is seeing more investment opportunities than ever. And if Spanish startups are about to see a decline in international VC money, Seaya Ventures’ new fund will play a more important role than ever. Advertisement Help Sifted get bigger and better (and get a sneak peak at our future plans). Please take our reader survey. Take the survey Terms of Use Related Articles Only 21% of tech unicorns are led by women, report shows By Freya Pratty Click here to read more Black entrepreneurs receive just 0.24% of capital in the UK By Freya Pratty Click here to read more Systemic barriers for minority business owners persist, report shows By Freya Pratty Click here to read more Time to stop using the term BAME By Erika Brodnock and Johannes Lenhard Click here to read more Get the best of Sifted in your inbox By entering your email you agree to Sifted’s Terms of Use Sign up to \Future Proof Sifted’s weekly \Corporate Innovation roundup email By entering your email you agree to Sifted’s Terms of Use Most Read 1 \Fintech Inside Revolut’s bid to become a bank 2 \Venture Capital Europe’s top climate tech investors 3 \Mobility Glovo partners with real estate investor to pile €100m into ‘dark stores’ 4 \Venture Capital Klarna cofounder Niklas Adalberth’s Norrsken Foundation launches €100m impact fund 5 \Mobility Last-mile-delivery startup Budbee raises €52m as ecommerce booms Join the conversation Subscribe Notify of new follow-up comments new replies to my comments
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