While climate tech may be all the rage right now — and for good reasons — new Paris-based VC 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 €30 million fund to back startups in areas such as food and agriculture, energy, mobility and 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 that 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 climate tech startups, with two others to be announced soon, it says. These are:
- Orbio Earth, a German startup building a platform 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 and 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.
Advisers include Lubomila J. (Plan A and co-founder, Greentech Alliance) and James Crowley (former co-founder and CTO of FundApps).