While ClimateTech may be all the rage right now – and for good reasons – new VC Paris-based firm Satgana (which means “a good company” in Sanskrit) is hoping its take on the subject will gain traction.
It’s now completed the first closing of a target €30m fund to back startups in areas such as food and agriculture, energy, mobility, buildings/industry, plus, more generally, carbon removal and circular economies.
The fund will invest up to €500,000 at the pre-seed and seed stages across Europe and Africa, bringing to bear its team which comprises operational and strategic experience. It also plans to apply a ‘diversity and inclusion’ lens pre and post-investment.
So far, the fund has already invested in three ClimateTech startups, with two others to be announced soon, it says. These are:
● Orbio Earth, a German startup building a platform to for energy providers to monitor and reduce methane emissions using satellite data
● Mazi Mobility, a Kenyan startup building a network of electric motorbikes and a battery swapping infrastructure in East Africa;
● Yeasty, a French startup building an alternative protein leveraging beer yeast with a circular model.
Satgana says it has counts 30+ LPs in its first closing, including Thibaud Hug de Larauze (Co-Founder & CEO of impact unicorn Back Market), Josef Bovet (CEO of Tiller Systems), Fabrice de Gaudemar (CEO of Qotto and ex-Executive Board of Eurazeo), Elsa Hermal (Co-Founder of Epicery) and the Family Office Cullom Capital.
Romain Diaz, General Partner, said in a statement: “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.”
Advisors include Lubomila J. (Plan A & Co-Founder Greentech Alliance) and James Crowley (Former Co-founder & CTO of FundApps).