Tunisia’s early-stage investment landscape has gained new momentum as Ekuity Capital officially joined the New Era Fund I, a venture capital fund managed by UGFS-VC and dedicated to supporting innovative startups across Tunisia. The move brings the fund’s first closing to €7 million, inching closer to its €15 million target size.
With this latest commitment, Ekuity Capital joins existing backers Smart Capital, the public entity managing Tunisia’s national startup programs, and UGFS North Africa (UGFS-NA), a long-standing private equity and venture capital firm in the region. The fund targets early-stage and Series A tech startups, with a clear focus on three high-impact sectors: artificial intelligence, biotechnology, and green technologies.
Founded in 1976 as a joint venture between the Kuwait Investment Authority (KIA) — the sovereign wealth fund of Kuwait — and the Tunisian government, Ekuity Capital has grown into one of Tunisia’s largest institutional investors. With over TND 800 million (approx. €240 million) in assets under management, the firm holds stakes in approximately 15 Tunisian companies, emphasizing long-term value creation, operational support, and acquisition-led growth.
The decision to back New Era Fund I aligns with Ekuity Capital’s growing interest in Tunisia’s knowledge economy and reinforces its strategy to diversify into high-potential innovation verticals. The firm’s involvement also lends institutional credibility and financial muscle to the fund’s mission of catalyzing a new wave of startups in strategic technology sectors.
The fund is managed by UGFS-VC, the venture capital arm of United Gulf Financial Services North Africa (UGFS-NA). Over the past 15 years, UGFS-NA has played a pivotal role in Tunisia’s entrepreneurial ecosystem, managing 20 investment vehicles, deploying TND 240 million into over 100 startups and SMEs.
With New Era Fund I, UGFS-VC is doubling down on frontier innovation. The focus on AI, biotech, and cleantech reflects a strategic pivot toward sectors seen as both economically transformative and globally competitive. The fund aims to bridge the gap between nascent scientific ideas and market-ready products by supporting startups at their most vulnerable early stages.
The Tunisian startup scene has been gaining traction in recent years, buoyed by government initiatives such as the Startup Act, as well as increased support from public and private actors. New Era Fund I is positioned as a cornerstone fund for early-stage financing, at a time when access to capital remains a bottleneck for tech founders in the region.
“This new milestone reinforces our mission to back a new generation of Tunisian entrepreneurs,” UGFS-VC said in a statement. “By anchoring innovation in sustainability and impact, we aim to fuel inclusive growth across the country.
The fund will continue fundraising toward its final target of €15 million, with additional closings expected in the coming months. For now, the inclusion of Ekuity Capital marks a strong vote of confidence in Tunisia’s startup future — and a signal to other institutional investors that the country’s innovation economy is ready for scale.