Satgana, a climate-tech VC firm, has closed its first fund with £8 million ($8.6 million) in commitments from family offices and high-net-worth individuals. The fund aims to support up to 30 early-stage startups in Africa and Europe. The firm decided to close the fund early and below the initial target due to the challenging fundraising environment. They have already made 13 investments and plan to invest in a total of 30 companies in this fund.
Satgana focuses on investing in startups working on climate change mitigation and resilience, with a preference for sectors like mobility, food and agriculture, energy, industry, buildings, and the circular economy. In Africa, they have invested in companies like Amini, Mazi Mobility, Kubik, and Revivo. In Europe, their portfolio includes Rebel Tech, Orbio Earth, Yeasty, Loewi, Arda, Fullsoon, and Fermify.
Founder and General Partner Romain Diaz launched Satgana after a decade of experience in the venture space in various African countries. He decided to focus solely on investing in climate tech founders after realizing the extent of climate change. The firm’s focus on Africa is driven by the continent’s vulnerability to climate change despite contributing the least greenhouse gas emissions. They recently appointed Anil Maguru as a partner to lead their Africa strategy.
Satgana aims to invest in green growth initiatives in Africa, including renewable energy, low carbon buildings, and mobility solutions. They also prioritize investments that drive adaptation to climate change, especially for vulnerable communities. Diaz emphasizes the importance of investing in solutions that traditionally receive minimal VC funding. Satgana is part of a new wave of funds dedicated to the African climate tech sector, joining others like the Africa People + Planet Fund, Equator’s Fund, and the Catalyst Fund.
In the future, Satgana may launch new funds with different strategies, potentially focusing on separate regions like Europe and Africa. For now, they are focused on making their current fund a success and supporting their portfolio companies.
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