Venture capital firm Satgana has announced the successful closure of its first fund, aimed at supporting early-stage climate-tech startups in Africa and Europe. With commitments totaling €8 million ($8.6 million), Satgana plans to back up to 30 startups working on climate change mitigation and resilience solutions.
Romain Diaz, Founder and General Partner of Satgana, highlighted the strategic decision to close the fund at its current amount, citing the challenging fundraising environment for first-time fund managers. Despite facing obstacles, Satgana has already made 13 investments and remains optimistic about fulfilling its goal of supporting 30 companies in this initial fund, including follow-on investments.
The fund’s closure sets the stage for potential future funds with different strategies, including the possibility of separate funds for Europe and Africa. However, Diaz emphasized the firm’s current focus on maximizing the impact of its first fund.
Satgana specialises in investing in startups addressing climate change across various sectors, including mobility, food and agriculture, energy, industry, buildings, and the circular economy. The firm typically invests up to €300,000 ($325,000) in early-stage ventures.
In Africa, Satgana has already backed promising startups like Amini, Mazi Mobility, Kubik, and Revivo, each addressing critical environmental challenges on the continent. The firm’s commitment to Africa is underscored by its recent appointment of Anil Maguru as a partner to lead its African strategy.
Diaz’s extensive experience in the African venture capital space and growing awareness of climate change drove the establishment of Satgana. The firm’s focus on Africa is particularly significant given the continent’s vulnerability to climate change despite its minimal contribution to greenhouse gas emissions.
Satgana’s closure of its first fund adds to the momentum of climate tech-focused investment in Africa, joining other initiatives like Novastar Ventures’ Africa People + Planet Fund, Equator’s fund, and the Catalyst Fund. These efforts collectively aim to accelerate the development and adoption of climate solutions in Africa, addressing both mitigation and adaptation needs.
As Satgana and similar funds continue to deploy capital to support climate innovation, they play a vital role in driving green growth, enhancing resilience, and fostering sustainable development across Africa and beyond.
