# Satgana Financial Model Early-stage Climate Tech Venture Capital fund investing Pre-Seed & Seed in Europe and Africa. - Canonical: https://finamodel.com/startups/satgana - Excel download: https://finamodel.com/startup-models/satgana.xlsx - Category: Climate/Energy - Model type: VC Fund Waterfall - Funding round: Fund 1 - Funding: €30M - Founded: 2022 - Geography: Europe and Africa (portfolio companies); Luxembourg-domiciled fund (implied by governance references to Luxembourg funds, AIFM) [DECK slides 13, 14]. - Customer: Early Stage, Pre-Seed ## About the company Satgana is a climate-tech pre-seed and seed fund investing across Europe and Africa. It combines cheques of up to €500,000 with hands-on support in technology, ESG, marketing, fundraising, product, and hiring, and targets a 40-company portfolio. The fund completed a first close with more than 30 LPs and had made three investments at the deck date. Half of investable capital is reserved for follow-ons, while the strategy uses SFDR Article 9 and gender-lens positioning to differentiate its LP and founder proposition. This is a fund-waterfall model, not an operating-company forecast. Build commitments, capital calls, management fees, initial tickets, follow-on reserves, ownership, write-offs, exit timing, and distributions. Then calculate GP carry and LP net IRR, DPI, and TVPI under portfolio-return scenarios, with the implied €40 million fund size clearly identified as an assumption. ## What's included - 5-year monthly revenue build with stage-appropriate growth assumptions - Full P&L, headcount plan, and operating-expense schedule - Cash-flow statement, runway, and burn-rate tracking - Valuation via exit multiple with a DCF cross-check - Returns analysis with MOIC and IRR - Unit economics including CAC, LTV, payback, and cohort retention ## Product & value proposition - Satgana is a GP deploying a Climate Tech-focused Pre-Seed & Seed fund. - Provides financial capital (up to €500k per startup) plus hands-on human capital (technology, ESG, marketing, fundraising, product, HR support). - Follow-on reserves = 50% of investable capital. - Partner perks (Stripe, AWS, HubSpot) valued at €150k per startup. - Target portfolio: 40 start-ups across Europe and Africa. - SFDR Article 9 fund, EU Taxonomy aligned; B-Corp certification intent; 2X Collaborative gender-lens alignment. ## Market - Climate Tech & Sustainability VC investment was approaching ~$60B in H1 2021, up from ~$2B in H1 2013. - Number of deals reached ~800 in H1 2021. - Quarterly VC investment into Climate Tech sectors (Q3 2020–Q2 2022) ranged from ~$4–14B; Seed segment is visually the smallest band in every quarter, demonstrating structural underserving of early stage. - Source cited: PwC State of Climate Tech 2021, Dealroom data. - No explicit TAM/SAM/SOM sizing or market share targets stated for the fund itself. ## Revenue model - VC fund economics: management fees + carried interest (standard GP model). - No fee rate, carry rate, or hurdle rate are stated anywhere in the deck. - Fund size not disclosed in deck. - Revenue to GP = management fees (on committed or deployed capital) + 20% carry on profits above hurdle. ## Traction & metrics - 3 portfolio companies invested as of deck date: Mazi Mobility (Kenya, Transportation), Orbio Earth (Germany, Energy), Yeasty (France, Food). - 500+ investment opportunities analyzed since inception. - Social media: 200k+ organic impressions in last 12 months; 8,000+ followers. - First closing completed June 2022 with 30+ LPs. - No fund size, AuM, capital deployed, or MOIC/IRR disclosed for the Satgana fund itself (the 10x TVPI / 50%+ IRR cited is for co-founder Romain Diaz's prior venture Far Ventures). ## Unit economics - Ticket size: up to €500k per startup (Pre-Seed & Seed). - Follow-on reserve: 50% of investable capital (implies initial deployments use the other 50%). - Target portfolio companies: 40. - Implied total initial deployment: 40 × €500k = €20m. - Implied total fund size (if follow-on = 50%): ~€40m. - No management fee %, carry, hurdle, fund life, or GP commitment stated. ## Competition / moat - Positioning: bridges the early-stage (Pre-Seed/Seed) Climate Tech financing gap where late-stage capital is abundant but Seed is structurally underserved. - Differentiation: hands-on operational resources (human capital) beyond financial capital; strong impact ethos; gender-lens alignment (2X Collaborative). - Deal sourcing flywheel: strong social media presence + ecosystem partner referrals + Tier 1 VC co-investment discussions. ## Team & funding ask / use of funds **Core team:** - Romain Diaz - CEO/GP; 10 yrs venture building/investing; co-founder Far Ventures (TVPI x12, IRR 50%+); Rocket Internet, Naspers Ventures background. - Isabelle Albert - COO; 20 yrs finance & sustainability; former Société Générale (€500m/yr); board roles at French Tech, Girls in Tech. - Anil Maguru - Investment Director; former Bold Rock Family Office (€1bn+ AuM, €20m impact VC allocation). - Alexandre Perry - Investment Director; former Rothschild & Co (€7bn+ transactions in Energy & Mobility). - Julien Zory PhD - Chief Impact Officer (part-time); former CTO Markem-Imaje, EMEA Director Honeywell Safety. - Patricia Silva - Venture Partner (part-time); 10 yrs Climate Tech investments; UC Berkeley Energy & Cleantech MBA. **Governance (Luxembourg fund):** - Board of Directors: Eryn Zander (Chair, INSEAD MBA, 20 yrs finance/tech), Hugo Vautier (Fund Administration), Oriane Schoonbroodt (ESG, PwC Luxembourg), Marta Ventura Correia (AML Officer). **Funding ask:** Not explicitly stated. First closing completed with 30+ LPs (June 2022); deck likely supports a second closing or LP fundraising continuation. **Key LPs:** Thibaud Hug de Larauze (Back Market, $1Bn raised, $5.7Bn valuation), Fabrice de Gaudemar (former Eurazeo Partner), Cullom Capital (former 3i Director). --- ## Recommended financial model - **Archetype + why:** VC Fund Economics / Waterfall Model. Satgana is a fund GP, not an operating company. The correct model is a fund-level P&L and LP/GP waterfall, not an operating startup forecast. It should capture: fund size, capital calls, deployment schedule, portfolio construction, management fees, fund expenses, exit assumptions, gross/net IRR, MOIC, carried interest, and LP distributions. - **Forecast horizon & granularity:** - Fund life: 10 years is standard; model annually. - Investment period: years 1–4 (deploy initial capital). - Harvest period: years 5–10 (follow-ons, exits). - Annual granularity for fund-level cash flows; semi-annual or quarterly optional for NAV. - **Key drivers & assumptions:** - Fund size: ~€40m. - GP commitment: 1–2% of fund. - Management fee: 2% on committed capital during investment period, 2% on NAV/cost thereafter. - Carry: 20% above 8% hurdle, European waterfall. - Number of portfolio companies: 40. - Initial ticket per company: up to €500k. - Follow-on reserve: 50% of fund. - Deployment pace: ~10 investments/year over 4-year investment period. - Exit timing: years 5–10 from first investment (median year 7). - Return distribution (power law): e.g., 5–10% of companies return 10x+, 20–30% return 2–5x, remainder return 0–1x. - Fund expenses (legal, admin, audit, LP reporting): ~1–1.5% of fund/year. - GP share of carry: 20% of profits above hurdle. - **Scenarios (Base / Bull / Bear - which variables flex):** - Base: 3.0x gross MOIC, ~25% gross IRR, 2x net MOIC. - Bull: 5.0x gross MOIC (one or two breakout >10x exits); net IRR >30%. - Bear: 1.5x gross MOIC; capital returned near cost; management fees erode net returns. - Flex variables: portfolio company exit multiples, write-off rate, exit timing, follow-on conversion rate. - **Required sheets / outputs:** 1. Fund Summary - fund size, total investments, management fees, carry, net IRR, net MOIC. 2. Portfolio Construction - company-by-company initial ticket, follow-on, ownership %, exit year, exit value, return multiple. 3. Capital Calls & Distributions - annual LP cash flows (J-curve). 4. Fund P&L - management fees, fund expenses, realized/unrealized gains, carried interest. 5. GP Waterfall - return of capital → preferred return → catch-up → carry split. 6. Sensitivity - net IRR / net MOIC vs. write-off rate and average exit multiple. 7. Assumptions - all tagged or. ## Frequently asked questions ### Is the Satgana financial model free? Yes. The Satgana model is a free Excel download with live formulas. ### Can I change the assumptions? Yes. The workbook is editable and its live formulas recalculate when assumptions change.