Luxembourg-based climate tech VC firm Satgana has announced the first close of its fund with a €30 million target size. The firm aims to place pre-seed and seed-level investments of up to €500,000 in 40 European and African startups operating in the fields of food and agriculture, energy, mobility, industry and buildings, carbon removal, and the circular economy.
While no specific mention was made of just how much the fund has raised to date with this first closing, it has made three investments to date and indicates that two more are forthcoming. At present, Satgana’s portfolio consists of:
Orbio Earth, a German startup building methane intelligence software to help energy providers monitor and reduce methane emissions with the use of satellites;
Mazi Mobility, a Kenyan startup building a network of electric motorbikes and a battery-swapping infrastructure in East Africa;
and Yeasty, a French startup building an alternative protein leveraging beer yeast with a circular model.
The fund is back by some 30+ LPs including Thibaud Hug de Larauze (Co-Founder & CEO of impact unicorn Back Market), Josef Bovet (CEO of Tiller Systems, acquired by SumUp), Fabrice de Gaudemar (CEO of Qotto and ex-Executive Board of Eurazeo), Elsa Hermal (Co-Founder of Epicery) and the Family Office Cullom Capital.
“The climate and ecological crisis is the defining issue of our time. As a gigantic challenge ahead of us, it is also a massive business opportunity as we need to reinvent all the sectors of our economies to meet the targets of the Paris Agreement,” commented General Partner and CEO Romain Diaz. “There has never been a better time to build and invest in climate tech, fostered by an unprecedented flood of talent and capital into the space. We look forward to connecting with many more founders, ecosystem partners, investors, and talent to join us on this journey to help regenerate our planet.”