Spanish investment firm Seaya has closed its climate-focused Andromeda fund for €300m, making it the largest venture capital firm in Spain.

Limited partners in the fund include Santander, BNP Paribas and Iberdrola. The new AUM of the fund now stands at circa €650m.

The fund has already made a number of investments including into AI robotic waste management specialist Recycleye and Spanish sustainable construction outfit O11H.

It says it intends to make approximately 25 investments between now and the end of 2027.

It was founded by Beatriz Gonzalez in 2013.

Gonzalez said: “We have 12 years of experience in this space and we can bring this knowledge and expertise to founders through this specialised vehicle.”

Andromeda will be led by Pablo Pedrejón and Carlos Fisch as investment partners.