Tunisia’s startup ecosystem is experiencing a transformative phase, fueled by the ANAVA Fund of Funds, a $60 million initiative managed by Smart Capital. This ambitious effort is backed by key financial and governmental stakeholders, including the Caisse des Dépôts et Consignations (CDC Tunisie), the German development bank KfW, the Ministry of Technology and Telecommunications, the Ministry of Finance, the Ministry of Economic Development, and the Central Bank of Tunisia. The initiative seeks to accelerate innovation by channeling capital into venture funds dedicated to Tunisian startups.
ANAVA has already allocated its $60 million fund across two main sources: $40 million via CDC Tunisie with support from the World Bank and an additional $20 million from KfW. These funds are intended to support entrepreneurs through various investment stages, ensuring sustained growth across the Tunisian startup landscape.
A Network of Venture Funds
To date, ANAVA has committed €45 million across 10 venture capital (VC) funds, with a target of investing in over 13 funds. Seven of these funds focus exclusively on Tunisia, while the remaining three operate as regional pan-African funds. By maintaining a sector- and stage-agnostic approach, ANAVA aims to diversify risk while maximizing performance at scale.
Among the key VC funds actively deploying ANAVA’s capital are:
- 216 Capital Ventures: Based in Tunis, 216 Capital Ventures focuses on early-stage technology startups. It has invested in companies like eSteps, Proxalys, and Logidoo.
- MEDIN Fund Management: With a focus on linking North Africa’s tech ecosystem to global hubs in Silicon Valley, Europe, and Asia, MEDIN manages the TITAN SEED FUND I, which provides investments in both Tunisian dinars and euros.
- Go Big Partners: A Tunisia-based VC firm that primarily supports B2B startups addressing global market needs.
- Flat6Labs: One of the most active seed investors in the MENA region, Flat6Labs recently launched a $95 million VC fund aimed at supporting 160 startups over the next five years, with investments ranging from $150,000 to $500,000.
- Silicon Badia: An international venture firm investing in technology startups across multiple industries. It has backed companies such as Synapse Analytics and Cartona in Egypt.
- Janngo Capital: Founded by Senegalese investor Fatoumata Bâ, Janngo Capital recently closed a $78 million fund, surpassing its initial target by 20%. It focuses on African tech startups, particularly those led by women.
- LoftyInc Capital: A firm founded by a Nigerian investor Idris Ayodeji Bello which supports “Afropreneurs” across fintech, financial services, and software sectors. Notable investments include Flutterwave, Eden Life, and Chefaa.
Expanding Investment Horizons
ANAVA aims to reach a total funding pool of €100 million to further expand its reach within the Tunisian and African startup ecosystem. The fund is also launching DEAL 2.0, an Investment Readiness Program designed to support over 200 startups. Of these, 80 will receive funding, with investment tickets ranging from €50,000 to €7 million, offered in both Tunisian dinars and euros.
The investments made by ANAVA’s portfolio funds are not confined to Tunisia alone. To date, 45 startups across 12 African countries, including Nigeria, Senegal, Morocco, Ivory Coast, Cameroon, Egypt, Congo-Brazzaville, South Africa, Mauritius, Ghana, and Kenya, have benefited from this funding. This broad regional footprint underscores Tunisia’s growing role as a hub for venture capital deployment in Africa.
The ANAVA Fund of Funds represents a strategic effort to bridge the funding gap for Tunisian startups while fostering broader regional integration. By mobilizing institutional capital and international partnerships, ANAVA is positioning Tunisia as a key player in Africa’s venture capital ecosystem. The coming years will determine whether this ambitious initiative translates into sustainable growth and a thriving startup landscape in Tunisia and beyond.