Satgana Venture Capital Closes €8M Fund for Early-Stage Climate Tech Startups in Africa & Europe
Satgana Venture Capital, a climate tech VC firm, has successfully closed its first fund with €8 million ($8.6 million) in commitments. The firm, co-founded by Paolo Parigi and Christopher Rai in 2020, focuses on early-stage startups in Africa and Europe that are mitigating climate change and building resilience.
Satgana's fund will support up to 30 early-stage startups, with each receiving up to €300,000 ($325,000). The firm has already made 13 investments and plans to make follow-on investments to reach its goal. Notable contributors to the fund include Maurice Lévy from Publicis Groupe and Thibaud Hug de Larauze, co-founder of Back Market.
Satgana's founder, Romain Diaz, decided to close the fund ahead of schedule due to challenging fundraising conditions for first-time fund managers. Diaz, with a decade of experience in the venture space, co-founded a venture studio in South Africa before establishing Satgana. The firm's focus on Africa is driven by the continent's vulnerability to climate change despite its minimal greenhouse gas emissions. Some of Satgana's investments in Africa include Amini, Mazi Mobility, Kubik, and Revivo, while in Europe, it has invested in Orbio Earth, Yeasty, Loewi, Arda, Fullsoon, and Fermify. Anil Maguru has been appointed as a partner at Satgana to drive the firm's Africa strategy.
Satgana Venture Capital, with its successful fund closure, is well-positioned to support early-stage climate tech startups in Africa and Europe. The firm's strategic focus and experienced team, led by Romain Diaz, aim to make a significant impact on climate change mitigation and resilience.
