Satgana Closes $8.6Mln Fund to Propel Climate Tech Startups in Africa and Europe

Satgana, a venture capital firm specializing in climate technology, has successfully concluded the fundraising for its first fund, securing a total of €8 million ($8.6 million).

The fund aims to support up to 30 early-stage startups across Africa and Europe that are dedicated to tackling climate change challenges.

The final close of the fund was achieved with investments from various family offices and high-net-worth individuals, including notable figures like Maurice Lévy from Publicis Groupe and Thibaud Hug de Larauze, co-founder of Back Market.

Despite encountering hurdles in the fundraising landscape, particularly challenging for first-time fund managers, Satgana's founder and general partner, Romain Diaz, expressed determination to prioritize investments and the support of portfolio companies.

Diaz explained, "We launched the fund mid-2022, and we have raised in the most challenging time since 2015. We have managed to make 13 investments and we know that with the current capital commitments, we can execute upon our strategy of investing in 30 companies in this first fund, including follow-on investments."

Looking ahead, Diaz hinted at future endeavors, stating, "This also paves the way for a new fund in a few years, and it’s likely that we launch different funds with different strategies, maybe one for Europe and another for Africa — but that will come in later; for now, we are really focused on getting this fund right."

Satgana specializes in providing early-stage startups with funding of up to €300,000 ($325,000), with a primary focus on sectors such as mobility, food and agriculture, energy, industry, buildings, and the circular economy.

The firm aims to support innovations aimed at mitigating climate change and enhancing resilience to its impacts.

Source: Annie Njanja / TechCrunch