Seaya Ventures closes its second fund above it’s 100€ million target and triples it’s assets under management in 5 years, reaching 160€ million

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  • Seaya II has already made 5 investments to date – Glovo, Yogome, The Hotels Network, Coverfy and Clicars – and plans to close at least 2 more investments within the next few months
  • All the investors in Seaya I have come back to invest in Seaya II, showing their confidence in the management team. New reference international fund of funds have also joined Seaya II
  • Seayas portfolio has created more than 3,000 direct jobs, 225,000 indirect jobs and, this year, will have a turnover of more than €2 billion
  • The companies in Seaya’s portfolio have an aggregate value of around €2 billion and have raised more than €600 million in capital

Seaya Ventures closed its second fund, Seaya Ventures II, above its target of €100 million.

Seaya has tripled its assets under management and now manages €160 million via its two active funds, Seaya Ventures I, a €57 million fund created in 2013, and the recently created Seaya Ventures II, of more than €100 million.

With an initial closing in 2016, and just two and a half years after the final closing of its first fund, Seaya II has already made 5 investments to date – Glovo, Yogome, The Hotels Network, Coverfy and Clicars – and plans to close at least 2 more investments in the next few months.

The new fund has a broad, international investment base which combines institutional investors and family offices. All the investors in Seaya I have come back to invest in Seaya II, showing their confidence in the management team. New reference international funds of funds have also joined Seaya II.

“We have seen over the last decade how entrepreneurship is steadily growing in Spain and at Draper Esprit we have a strong history of investing in great Spanish companies. We wanted to partner with a high quality fund who provides hands on support to the founders they back, and have an excellent track record in the market. We are delighted to invest in Seaya’s latest fund” said Jonathan Sibilia, Head of fund of funds and Secondaries at Draper Esprit.

“Having been investors in Seaya since their early days, we consider them a true partner. Their rigorous and focused investment approach, along with constant support of their founders and companies, has translated into great performance in their first fund and we are very happy to continue our relationship with them in their second fund”, said Lee Rand, partner at Sun Mountain Capital.

 

Investment strategy and track record

 

Seaya II continues Seaya I’s strategy of investing in technology companies based in Spain and Latin America with the ambition of becoming leaders in their sector. The fund will continue to focus on leading Series A and B and can invest up to €15 million in one company in various rounds. Seaya’s aim is to become the reference investor for founders, giving hands-on support to companies.

“Our aim is to support the best founders so that their companies become regional and global leaders”, Beatriz González, founding partner of Seaya Ventures, explained.

“We look to the long term and take significant holdings in the companies, so that we are one of the major shareholders.  Our commitment to, and alignment with, the founders creates a virtuous circle of collaboration, growth and profitability for the businesses and for our investors”, she says.

“Entrepreneurs play a key role in changing the economic model in our country, creating employment and in inspiring and training endeavour for future generations. It is an honour for Seaya’s team to be able to support them on their journey”.

Since 2013, Seaya has invested €57 million in 13 companies, amongst which are Cabify, where it led its Series A, and Glovo and Spotahome, where it led their Series A and B.  To date, the fund has had a total of three exits – SinDelantal.mx, Restaurantes.com and Ticketea, along with some partial exits.

Seaya’s aggregate portfolio has created more than 3,000 direct jobs, 225,000 indirect jobs and, this year, will have a turnover of more than €2 billion, compared to €27 million in 2013.

The companies in Seaya’s portfolio have an aggregate valuation of around €2 billion and have attracted more than €600 million in funding.

Seaya’s strategic vision has been confirmed with the promotion of Antonio Giménez de Córdoba to partner, working alongside the founding partner, Beatriz González. Antonio Giménez de Córdoba was the first person to join Seaya’s team in 2013, coming from Oliver Wyman, where he was a strategic consultant.

Furthermore, Seaya’s team has been bolstered and now has a total of 11 employees, compared to 5 when it launched its first fund.

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