(Bloomberg) -- Banco Santander SA is set to buy about a third of Spain’s biggest venture capital firm, according to two people familiar with the matter.

Santander is looking to take a stake of about 33% in Seaya for an undisclosed amount, the people said, who asked not to be identified as the deal isn’t finalized yet. Santander will also become an investor in Seaya’s Andromeda fund, which is focused on clean tech. 

Seaya has about €650 million ($704 million) under management and has invested in several Spanish firms that have become unicorns, including ride-hailer Cabify and delivery-app firm Glovo, which has since been sold to Delivery Hero SE. Seaya is led by founder and managing partner Beatriz Gonzalez.

Seaya launched its €300 million climate-tech Andromeda fund in 2022. Iberdrola SA, one of the world’s largest renewable energy firms, and the Spanish government’s technology fund were among its initial investors. 

The deal was first reported by website La Informacion.

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