Elevating cash for Spanish VC Seaya Ventures’ new fund throughout a pandemic was an uphill wrestle, says associate Antonio Giménez de Córdoba. “The timing hasn’t helped,” he says. “Individuals had been simply centered on disaster administration and never centered on opening new relationships.”
However in the present day, practically two years into the pandemic, Seaya is closing its third fund at €165m — €40m greater than the agency was focusing on. So what modified?
The primary issue, based on Giménez de Córdoba, is the widespread understanding that Covid-19 has sped up digitisation, taking part in into the fingers of tech corporations and traders (“The urge for food for tech property has elevated,” he says).
However the second and extra particular cause comes from one Barcelona-based startup in Seaya’s portfolio, which has modified expectations of what Spanish tech corporations can obtain.
“We’ve had some excellent information in current months with the portfolio. The clear instance of that being Wallbox’s merger with a SPAC,” he says. “Being one of many fundamental backers of the primary Spanish firm to go public on the New York Inventory Trade, that’s one thing that’s helped our fundraising efforts.”
Wallbox sells electrical automobile chargers and began buying and selling in October. Its share value is up over 50% since itemizing.
Sorry Spain, we’re trying elsewhere now
Seaya doesn’t have a nasty observe document in relation to investing in Spain’s greatest hitters within the tech sector, with unicorns Cabify and Glovo additionally in its portfolio. However now the agency is more and more in search of alternatives exterior the nation, which may already be seen within the make-up of Seaya III’s 10 investments thus far.
They embody Portuguese checkout-less retail startup Sensei, Greek car-as-a-service platform Flexcar, French purchase now, pay later startup Alma and Hamburg-based fintech Receeve.
“The primary change that we’ve achieved with Seaya III is that we’re now betting on Europe,” says Giménez de Córdoba. “Our earlier funds had been Spain and LatAm centered. Now we’re betting on Europe and round 40% of our investments will probably be exterior of Spain.”
Seaya’s LatAm curiosity isn’t strictly over — final month they launched a brand new fund in partnership with Cathay Innovation primarily based out of Mexico Metropolis, which is able to solely concentrate on the area.
“The Latin American ecosystem has exploded in the previous couple of years. We felt that we wanted to have a staff on the bottom, and a particular automobile devoted to LatAm,” explains Giménez de Córdoba.
“What we see with fintech corporations is that Spain could possibly be their method into LatAm. They set up a giant workplace right here from the place they launch into the LatAm area”
Seaya’s international experience is among the causes it believes it might probably compete for deal move in northern Europe, because it hopes to function a associate for startups increasing each to southern Europe and to Latin America.
“Alma has just lately launched in Spain and we’ve supported their launch with key hires and making introductions to potential shoppers, and we’ve achieved related for Receeve, primarily based out of Hamburg,” says Giménez de Córdoba. “What we see with fintech corporations like these is that Spain could possibly be their method into LatAm. They set up a giant workplace right here from the place they launch into the LatAm area.”
Seaya will nonetheless be reserving 60% of its fund for Spanish startups, and Giménez de Córdoba believes that it’s simpler than ever to lift capital within the nation: “Worldwide funds are spending an increasing number of time in Spain.”
Seaya III will proceed the agency’s technique of investing in Collection A and B stage corporations, with preliminary tickets starting from €2m-8m, with the potential to go as much as €20m by way of follow-ons.
And even when the fund is beginning to look additional afield in Europe, if its technique is profitable it may imply much more worldwide startups organising store in Spain.
Tim Smith is Sifted’s Iberia correspondent. He tweets from @timmpsmith