Climate tech VC Satgana closes first fund that targets early-stage startups in Africa, Europe

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Climate-tech VC Satgana has reached a last adjacent of its first fund, which targets to backmost up to 30 early-stage startups successful Africa and Europe.

The VC patient reached a last adjacent of £8 cardinal ($8.6 million) pursuing commitments from family offices and high-net-worth individuals, including Maurice Lévy of nan Publicis Groupe, and Back Market co-founder Thibaud Hug de Larauze.

Satgana laminitis and General Partner, Romain Diaz, told TechCrunch that nan patient decided to adjacent nan money early and beneath nan initial target owing to nan difficult fundraising environment, which is worse for first-time money managers, and to attraction connected investing and supporting portfolio companies.

“We launched nan money mid-2022, and we person raised successful nan astir challenging clip since 2015. We person managed to make 13 investments and we cognize that pinch nan existent superior commitments, we tin execute upon our strategy of investing successful 30 companies successful this first fund, including follow-on investments,” said Diaz.

“This besides paves nan measurement for a caller money successful a fewer years, and it’s apt that we motorboat different costs pinch different strategies, possibly 1 for Europe and different for Africa – but that will travel successful later; for now, we are really focused connected getting this money right,” he said.

The VC patient invests up to €300,000 ($325,000) successful early-stage startups moving connected mitigating and building resilience to ambiance change, pinch a bias for mobility, nutrient and agriculture, energy, industry, buildings and nan information system sub-sectors.

Its investees successful Africa see Amini, a startup bridging nan biology information spread successful Africa, Mazi Mobility, a Kenyan mobility-as-a-service startup moving to create a web of battery-swapping infrastructure; Kubik, which upcycles integrative and has operations successful Ethiopia; and Revivo, a B2B marketplace trading physics spare parts giving products for illustration phones a caller lease of life. In Europe, Satgana has invested successful Rebel Tech, Orbio Earth, Yeasty, Loewi, Arda, Fullsoon and Fermify.

Diaz founded nan VC patient aft a decade of acquisition successful nan task abstraction successful respective African countries including Morocco and South Africa, wherever he co-founded and ran a task studio.

“I ran it for for illustration 5 years, and astir six years agone I started to really person nan awakening to nan grade of ambiance change. That’s wherever I decided to transmission each nan knowledge from my erstwhile experience, but connected a bigger scale, while focusing solely connected investing successful ambiance tech founders,” he said.

Diaz launched nan VC patient upon moving to Europe, wherever he said location are capable finance networks, particularly those focused connected investments targeting founders astatine nan pre-seed stage.

Satgana’s attraction connected Africa was besides driven by nan truth that it is nan astir susceptible continent contempt contributing nan slightest greenhouse state emissions. They precocious appointed Anil Maguru arsenic partner to thrust their Africa strategy.

“We are entering nan continent to prosecute greenish maturation objectives; truthful deploying renewable energy, debased c buildings, mobility solutions and truthful on. But we are besides keen connected investments driving adjustment to ambiance change, because unfortunately, nan reality is that ambiance alteration is upon us, and we require solutions already. This is particularly for group connected nan frontline, who are often susceptible communities, chiefly women, group of colour and low-income communities that are much exposed to nan effects of ambiance change,” said Diaz.

“From an effect perspective, it’s important for america to put successful solutions, which [traditionally] person only a mini fraction of VC money,” he said.

Satgana is among nan caller costs that are dedicated to nan African ambiance tech sector. These costs see Africa People + Planet Fund by Novastar Ventures, Equator’s fund and nan Catalyst Fund.