Tunisia’s state-backed startup financing apparatus is shifting its attention to the country’s interior, in a bid to correct a funding landscape that has long been concentrated in the capital and a handful of coastal hubs.
The “Innovative Startups and SMEs” project, financed by the World Bank and implemented by the Caisse des Dépôts et Consignations (CDC) in partnership with Smart Capital, is launching the second edition of its regional roadshow in late September, with stops planned in Le Kef, Monastir, Gafsa and Zarzis through 23 October. The first edition in 2025 visited Bizerte, Kairouan, Sfax and Gabès.
The initiative comes against a stark backdrop. According to a study by the Tunisian Institute for Strategic Studies (ITES), 67 per cent of bank branches are located along the coast, primarily in Greater Tunis and the Centre-East, leaving interior regions in what the institute describes as a “financial desert”. Startups captured just 1.8 per cent of total invested capital in 2024, a figure that highlights the inadequacy of existing financing instruments. As much as 80.5 per cent of fundraising is centralised in Greater Tunis.
Two financing mechanisms
At each roadshow stop, organisers will detail two instruments. ANAVA, the fund of funds, channels capital indirectly through child funds that invest in startups in Tunisia and across Africa and the Middle East. InnovaTech operates directly, targeting innovative small and medium-sized enterprises. The CDC describes the project as pursuing two components: indirect financing via ANAVA and direct financing via InnovaTech.
ANAVA is the first fund of funds in Tunisia and on the African continent, denominated in euros. It has a target size of €100mn, with a first closing of €60mn already secured — €40mn subscribed by the CDC through a World Bank loan and €20mn from German development bank KfW. The fund is managed by Smart Capital, a company approved by the Financial Market Council and mandated by the Tunisian state to deploy the national Startup Tunisia programme.
To date, ANAVA has committed €45mn across ten venture capital funds, with a target of investing in at least 13. Seven of these funds focus exclusively on Tunisia, while three operate as pan-African vehicles. The fund maintains a sector- and stage-agnostic approach, aiming to diversify risk while maximising performance at scale.
The child funds
Among the key vehicles deploying ANAVA’s capital is 216 Capital Ventures, a Tunis-based firm focused on early-stage technology startups. It has invested in companies including eSteps, Proxalys and Logidoo. The firm was founded in 2021 by Dhekra Khelifi, the first female general partner at a Tunisian venture capital firm.
MEDIN Fund Management manages the TITAN SEED FUND I, a deep tech vehicle focused on early-stage startups leveraging artificial intelligence in life sciences, biotech and other sectors. It aims for a target size of €10mn and is described as the first deep tech-focused fund in North Africa. ANAVA committed €5mn to the fund, which provides investments in both Tunisian dinars and euros.
Go Big Partners, a Tunisia-based firm, primarily supports B2B startups addressing global market needs. Flat6Labs, one of the most active seed investors in the MENA region, launched a $95mn venture capital fund aimed at supporting more than 160 startups over five years, with investment tickets ranging from $150,000 to $500,000.
Silicon Badia is 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, recently closed a $78mn fund, surpassing its initial target by 20 per cent, with a focus on African tech startups, particularly those led by women. LoftyInc Capital, founded by Nigerian investor Idris Ayodeji Bello, supports “Afropreneurs” across fintech, financial services and software. Its notable investments include Flutterwave, Eden Life and Chefaa.
Regional reach
The roadshow’s format reflects an acknowledgement that a uniform presentation of financing mechanisms is insufficient. This year’s edition places greater emphasis on the specific economic characteristics of each regional basin, aiming to connect project holders with investors, regional banks, SICARs (risk capital investment companies), universities, technopoles and local professional organisations.
For regional venture capital investors and SICARs, these gatherings serve as a channel for identifying deal-flow outside the usual circuits. They also function as a test of whether instruments such as ANAVA and InnovaTech can genuinely irrigate investment beyond the coastal zones.
The broader context
Tunisia’s startup ecosystem has shown signs of momentum. Yet the structural imbalance persists. In a July interview with La Presse de Tunisie, CDC Director-General Nejia Gharbi said the CDC had financed 10 investment funds dedicated to startups under ANAVA, with 70 Tunisian startups having benefited from financing through the fund of funds and the various investment funds created within its framework. She noted that several management companies and investment funds have been created by Tunisian diaspora professionals, with a particular focus on sectors such as artificial intelligence and advanced technologies.
“There is financing, there is potential; the challenge now is to accelerate,” Gharbi said.
The coming months will determine whether the roadshow’s regional focus translates into a measurable shift in where Tunisia’s startup capital flows — or whether the centrifugal pull of Tunis proves stronger than the policy intent to decentralise.