The fund, which will target up to 30 early-stage climate tech startups across Africa and Europe, raised €8 million (US$8.6 million).

While the initial target in 2022 was set at €30 million (US$32.4 million), Satgana’s founder and General Partner, Romain Diaz, attributed the final amount to challenging fundraising conditions, particularly for first-time funds.

Despite falling short of the initial target, Diaz emphasized the firm’s commitment to “getting this fund right” to establish a strong foundation for future investments.

The secured capital will allow Satgana to fulfill its goal of investing in 30 companies within the first fund, including potential follow-on investments.

The firm prioritizes early-stage startups working on climate change mitigation and resilience solutions across sectors like mobility, food and agriculture, energy, and the circular economy. They typically invest around €300,000 (US$325,000) per startup.

Satgana is among a growing list of VC firms backing African climate tech entrepreneurs.

Established in 2020 by Diaz, who has a decade of experience in the African venture space, Satgana recently appointed Anil Maguru as Partner to lead their African strategy.