Satgana, a climate-tech VC, has successfully closed its first fund, aiming to support up to 30 early-stage startups in Africa and Europe.
The VC firm completed its final close, raising £8 million ($8.6 million) with investments from family offices and high-net-worth individuals, including Maurice Lévy of Publicis Groupe and Thibaud Hug de Larauze, co-founder of Back Market.
Romain Diaz, the founder and General Partner of Satgana, revealed that the fund was closed earlier than planned due to challenging fundraising conditions for first-time fund managers. The firm is now focused on investing in and supporting its portfolio companies.
Diaz stated, “Despite the difficult fundraising environment, we have already made 13 investments. With our current capital commitments, we are on track to achieve our goal of investing in 30 companies in this fund, including follow-on investments.”
Satgana invests up to €300,000 ($325,000) in early-stage startups working on climate change mitigation and resilience in sectors such as mobility, food and agriculture, energy, industry, buildings, and the circular economy.
Some of Satgana’s investments in Africa include Amini, Mazi Mobility, Kubik, and Revivo, while in Europe, they have invested in Rebel Tech, Orbio Earth, Yeasty, and others.
Diaz founded Satgana after years of experience in the venture space across Africa, driven by a passion for addressing climate change through investment in climate tech founders.
With a focus on Africa, Satgana recently appointed Anil Maguru as a partner to lead their Africa strategy, emphasizing investments in green growth and climate change adaptation.
Diaz highlighted the importance of investing in solutions that address the effects of climate change, particularly impacting vulnerable communities that often receive minimal VC funding.
Satgana is part of a growing number of funds dedicated to the African climate tech sector, alongside initiatives like Novastar Ventures’ Africa People + Planet Fund and Equator’s fund.
