IMPACTASSETS 50™

An Annual Showcase of Impact Investment Fund Managers

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An Annual Showcase of Impact Investment Fund Managers

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ImpactAssets 50: A Global Landscape of Impact Investment Fund Managers
The ImpactAssets 50 (IA 50) is the first open-source, publicly published database of experienced private debt and equity impact investment fund managers.
https://www.impactassets.org/impactassets-50

ImpactAssets 50

An Annual Showcase of Impact Investment Fund Managers

IA 50 2024 PROFILE

Satgana (GP) Sàrl

Total Assets Under Management: Less than $25M
Asset Class: Private Equity
Primary UN Sustainable Development Goal: 13 – Climate Action
Climate Change
Food Systems and Agriculture
Water and Sanitation

Firm Overview

Category: Venture Capital - Early Stage (Pre-seed/seed, Accelerator, Angel) - Emerging Markets

In Sanskrit, Satgana (सत् गण) means a good company.  We are on a mission to harness Venture Capital as a catalyst for the next generation of purpose-driven entrepreneurs building technology solutions to heal our planet, generating positive impact at scale. Satgana’s Climate Tech VC Fund targets top decile financial returns investing in early-stage startups across Europe and Africa.  As a SFDR Article 9 Fund, our investments actively contribute to the Climate Change Mitigation in alignment with the UN Sustainable Development Goals with a Diversity & Inclusion lens.

Firm Headquarters: Western Europe
Years of Operation: Less than 3 years
Total Assets Under Management:
Less than $25M
Total Number of Investors: More than 25
% of Capital from Top 3 Investors: 100%
Investment Thesis:

-Vertical: Climate Tech & Sustainability -Stage: Pre-Seed & Seed -Geography: Europe (70%) & Africa (30%) -Portfolio management: hands-on support, knowledge & networks

Investment Overview:

Satgana bridges the Climate Tech early-stage financing gap, while mitigating early-stage risks by investing hands-on operational resources into the next generation Climate Tech Venture Capital firm investing in the Future of Earth. Tackling the climate & ecological crisis is the biggest challenge and the biggest business opportunity of our generation. 

Company Differentiator:

We invest earlier than most institutional capital, not being afraid of making big bets on yet-to-be-discovered mission-driven entrepreneurs shaking the status quo to make a real difference in the fight against climate change. We look for the outliers who build the world we want to live in tomorrow, today. Founders want us because of our value add & ethos. Post-investment, we give our founders an infinite amount of love (not an infinite amount of capital), in the form of strategic advice, deep networks, perks with partners, and operational support thanks to our managing partners, advisors and LPs.

Investment Example

Satgana Fund I SCSp has led the first round of Orbio Earth (€600k Pre-Seed), a methane intelligence startup helping energy operators to monitor and reduce methane leaks. Orbio then joined YC after our investment, quadrupled in revenue and raised a $3.5m Seed round with top tier Silicon Valley-based VCs. From a CO2eq perspective, fixing methane leaks from the energy sector would equate to remove all cars from our roads. 

Leadership and Team

Cumulative Leadership Experience in Impact Investing:
10 – 19 years
Cumulative Impact Experience of Top Three Firm Leaders:
10 – 19 years
Romain Diaz – General Partner More Info

Former CEO & Co-Founder of Far Ventures, a pioneering Venture Studio in Africa (current MOIC x12 / IRR 50%) -Advisor at Launch Africa Ventures and Antler France -Former Venture Builder at Rocket Internet & Naspers Ventures -5 companies co-founded, 10 early-stage investments made -MSc from EM Lyon Business School
Anil Maguru – Partner More Info

-Former Impact Investor at Bold Rock Management, Family Office with €1Bn+ in AUM with a focus on Impact VC funds & direct investments -40 investments made -French & Rwandan citizen -MSc in Finance from EDHEC Business School & Imperial College London

Financial Performance

Target Financial Returns Relative to Benchmark:
Above Market Rates
Actual Performance of Impact Products/Funds Relative to Target Financial Returns in the Past Three Years:
Over-delivered compared to initial target returns
Financial Reporting Frequency to Investors or Donors
Quarterly

Impact Performance

Percentage of Total Assets Under
Management that are Impact Investments:
100%
Primary Impact Outcomes:
Addressing climate change and environmental issues
Secondary Impact Outcomes:
Conserving land, oceans, ecosystems and natural resources
Increasing access to water and sanitation
Addressing gender inequities
Value-added Services Offered:
Access to markets
Business and legal training
Technology training
Human Resources, recruiting and professional development services

Investments systematically target companies where social and/or environmental impact is integral to the product/service being created:

Upon application, we have a stringent due diligence process in place carried out by a diverse team of professionals to ensure the startup takes a triple bottom line approach. Our aim is to fund startups that demonstrate a high environmental performance. We're an Article 9 fund as defined by the EU taxonomy: we measure our Principle Adverse Impacts (PAI) and we Do Not Significant Harm (DNSH) as per the SFDR requirements.  We have a quarterly review of our social and environmental performance with our Board of Directors. Our investments are into early stage startups that may not have the tools/knowledge to obtain their climate data. But as investors, we proactively assist with the process by providing strategic support on evaluating, quantifying and reporting on environmental issues. We prioritize metrics such as a startups carbon footprint, resource efficiency, biodiversity conservation, material use etc. 

Investments systematically include social and environmental sustainability practices in the due diligence process:

Diversity metrics, especially regarding gender, are looked at. When teams do not have gender-diverse teams, and when we lead investments, we include a clause in our term sheets for them to work towards increasing female representation and parity within their team

Impact Tracking and Monitoring

Impact is Tracked:
Yes
Impact Verified by an Independent Third-Party:
No
Social and/or Environmental Impact is Reported to Investors and Donors:
Yes – to investors and donors
Third Party Validations:
GIIRS-rated fund
B-Corp certified firm
Participant in Global Reporting Initiative
Signatory of the United Principles for Responsible Investing
Member of Impact Capital Managers
Impact Frontiers Cohort Participant
Implement recommendations from Task Force on Climate Related-Financial Disclosure
Net Zero Assets Managers Initiative
Utilizes standardized impact metrics (e.g. IRIS+, GIIRS, etc.)
Listed on ImpactBase
Participant on steering committees or leadership roles within impact industry associations
Publisher or contributor to industry white paper or other research in impact investing
Participant in the Impact Management Project
Signatory of the Operating Principles for Impact Management

Learn More

Key Contact Name: Romain Diaz
Phone: 33766803309
Website: https://www.satgana.com/
Mailing Address:

18 rue Robert Stümper, L2577 Luxembourg, Grand Duchy of Luxembourg

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