Climate technology VC Satgana has completed the final closing of its first fund, which aims to support up to 30 early-stage startups in Africa and Europe.

The venture capital firm closed on £8 million ($8.6 million) in funding, with commitments from family offices and high-net-worth individuals including Publicis Groupe’s Maurice Lévy and Back Market co-founder Thibaud Hug de Larauze.

Romain Diaz, founder and general partner of Satgana, told TechCrunch that due to the difficult financing environment (even worse for first-time fund managers), the company decided to close the fund early and below its original target and focus on investing and supporting Portfolio Companies.

“We launched the fund in mid-2022 and have raised capital during the most challenging period since 2015. We have successfully made 13 investments and we know that with current capital commitments we can execute on investing in 30 companies strategy. This first fund includes follow-on investments,” Diaz said.

“It also paves the way for new funds in a few years’ time, we will probably launch different funds with different strategies, maybe one for Europe and another for Africa – but that will come later; at the moment, our real The focus is on getting this fund done well,” he said.

The venture capital firm invests up to €300,000 ($325,000) in early-stage startups working to mitigate and build resilience to climate change, with a focus on the transportation, food and agriculture, energy, industry, construction and circular economy sub-sectors.

Its investments in Africa include Amini, a startup working to close the environmental data gap in Africa; Mazi Mobility, a Kenyan mobility-as-a-service startup developing a network of battery-swapping infrastructure; Kubik, which recycles plastics and operates in Ethiopia Start a business; Revivo is a B2B marketplace that sells electronic spare parts, bringing new life to products such as mobile phones. In Europe, Satgana has invested in Rebel Tech, Orbio Earth, Yeasty, Loewi, Arda, Fullsoon and Fermify.

Diaz has a decade of experience in the venture capital space in several African countries, including Morocco and South Africa, where he co-founded and ran a venture capital studio before founding the venture capital firm.

“I was running for about five years, about six years ago, when I started to really realize how serious climate change was. It was here that I decided to apply all the knowledge from my previous experience to a larger scale while just Focus on investing in climate technology founders,” he said.

Diaz, who founded the venture capital firm after moving to Europe, said there are enough investment networks in Europe, particularly those focused on investing in pre-seed founders.

Satgana also focuses on Africa because it is the most vulnerable continent, despite having the lowest greenhouse gas emissions. They recently appointed Anil Maguru as a partner to drive their Africa strategy.

“We are entering the continent to pursue green growth objectives; so deploying renewable energy, low-carbon buildings, mobility solutions and so on. But we are also keen to drive investment in adapting to climate change because, unfortunately, the reality is that climate change is already imminent , we already need solutions. This applies especially to those on the front lines, who tend to be vulnerable populations, primarily women, people of color and low-income communities, who are more vulnerable to the impacts of climate change,” Diaz said.

“From an impact perspective, it’s important for us to invest in solutions that [traditionally] Only a fraction of the venture capital funding was received,” he said.

Satgana is one of the new funds working on climate technology in Africa. These funds include Novastar Ventures’ Africa People + Planet Fund, Equator Fund and Catalyst Fund.

#Climate #tech #Satgana #closes #fund #targeting #earlystage #startups #Africa #Europe

Leave a Reply

Your email address will not be published. Required fields are marked *