
Cathay Innovation buys minority stake in Seaya Ventures
French venture capital firm Cathay Innovation has acquired a minority stake in Spanish venture capital house Seaya Ventures.
With this partnership, the two firms intend to create a stronger and larger investment platform, able to grant startups access to worldwide resources and the capital they need to scale.
The two VC houses also expect to build solid synergies and further develop their complementary expertise: while Seaya will continue to bridge the early-stage investment gap in southern Europe, Cathay will further specialise in accelerating early-growth startups on a full global scale.
In addition, the partnership is expected to enable Seaya to broaden its investment focus beyond southern Europe and help its portfolio companies access additional funding through Cathay's global ecosystem.
Cathay and Seaya have previously partnered in several deals, including rounds for Spanish companies Glovo, Savana, Housfy, Coverfy and Wallbox, as well as the financing for Paris-based Alma.
"With the globalisation of technology, venture capital has expanded across the world and yet is still largely siloed by region, limiting the support and access that firms can provide to startups," said Jacky Abitbol, managing partner at Cathay Innovation. "This is precisely why we have built our global platform, to help entrepreneurs everywhere grow and lead. The partnership with Seaya will further strengthen our platform throughout southern Europe and Latin America, boost collaboration across the landscape and – above all – bring greater value to mission-driven entrepreneurs looking to make a greater impact on global communities."
Based in Madrid, Seaya is a venture capital firm specialised in early-stage investments, from pre-series-A to series-B rounds. The firm has backed numerous Spanish and Latin American companies, including unicorns Cabify, a ride-sharing company, and on-demand delivery app Glovo.
Last year, the VC held an €85m first close for its Seaya Ventures III fund, which has a €125m final target. Seaya currently has assets under management of around €300m.
Cathay Innovation is the venture capital arm of Cathay Capital. The firm is currently investing its second innovation fund, which has raised €500m and is dedicated to supporting the expansion of startups in their industrial and commercial development during the scale-up phase.
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