Top Spanish VC firm Seaya just closed a $320 million fund. Here are the types of growth-stage climate startups it's looking to back.

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The fund's check sizes will range from $7.5 million to $42 million, according to González. Andromeda will also back startups in four key sub-sectors within climate tech: the energy transition, decarbonization, sustainable food value chain, and the circular economy.

So far, the fund has invested in five climate tech startups, including UK AI-powered waste management startup Recycleye and San Francisco-based Pachama, a data platform that verifies the quality of carbon credits. By 2027, it aims to invest in around 25 climate tech startups.

"We seek mission-driven founders with a strong execution track record and the potential to grow into a CEO role of a large company," González told Business Insider.

"In terms of startups, we look for companies that can become regional or global leaders in their sector," she added. "The companies should already be generating revenue, and the ideal stage is Series A+ and beyond."

Amid a sullied funding environment for the tech ecosystem in 2023, many VC firms struggled to raise funds . González said that Seaya's 10-year track record in the climate tech space helped the team to get the backing of "major institutions."

Seaya Andromeda has cinched funding from high-profile LPs, including Santander, BNP Paribas Group, Bpirfrance, Iberdrola, and Nortia — and it now takes the mantle of being the largest VC investor in Spain , with €650 million ($700 million) in assets under management across its funds.

Climate tech has remained one of Europe's bright spots in 2023, with startups in the sector raking in around $20.2 billion in 2023 — on par with the $20.4 billion netted in 2022.