Kelvin Bowoto
Satgana’s Founder and General Partner, Romain Diaz, stated that the VC company decided to close the fund early, missing the planned objective, due to the hard fundraising environment, which he observed is particularly difficult for first-time fund managers.
The investment firm, which has already made 13 transactions, indicated that the new cash pledges will allow it to carry out its goal of investing in 30 companies through its first fund, including follow-on investments.
Diaz believes that by focusing on doing everything necessary to “get this fund right,” the company will build the framework for future investments.
A year after the initial close, Partech Africa closes its second fund at $300 million. “It’s likely that we launch different funds with different strategies—maybe one for Europe and another for Africa—but that will come in later,” she said.
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The venture capital fund invests approximately €300,000 ($325,000) in early-stage climate-tech startups that focus on reducing and creating resilience to climate change, with a priority for mobility, food and agriculture, energy, industry, and buildings, and the circular economy sectors.
Satgana has made investments in Kubik, an Ethiopian cleantech startup that converts plastic waste into low-carbon building materials; Amini, a startup that bridges Africa’s environmental data gap; Mazi Mobility, a Kenyan mobility-as-a-service startup; and Revivo, a B2B marketplace.
Diaz co-founded Satgana on September 15, 2020, bringing a decade of experience in the African venture industry spanning countries such as South Africa and Morocco. Anil Maguru was appointed as a partner in 2023 to drive the company’s Africa strategy.
Other recent funds formed to promote African climate-tech founders include Novastar Ventures’ Africa People + Planet Fund, the Catalyst Fund, and Equator’s Fund.
Techrectory with Agency Report.
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