Innovative Capital Venture Capital Firm Unveils Era Fund I to Boost Tunisia's Tech Companies in Artificial Intelligence, Biotechnology, and Green Technology
In the heart of North Africa, Tunisia's startup landscape is receiving a significant boost, thanks to the efforts of the ANAVA Fund of Funds. This public-private partnership, managed by Smart Capital, is playing a pivotal role in developing Tunisia's venture capital ecosystem.
The ANAVA Fund of Funds, established to bolster Tunisia’s VC landscape, invests in local and regional venture funds. This strategic approach mobilizes private and international capital through a fund of funds structure, thereby increasing the availability of growth capital for Tunisian startups.
One of the most notable investments by ANAVA was its backing of Janngo Capital, Africa’s largest gender-equal tech VC fund, in the investment round for Dabchy, a Tunisian e-commerce startup. This transaction, noted as one of the largest international venture capital investments in Tunisia in recent years, demonstrates ANAVA's impact in attracting important global investors and scaling venture capital activity.
By supporting venture funds rather than startups directly, ANAVA mitigates risks and fosters a diversified VC market. This approach provides startups in Tunisia with broader access to financial resources, mentorship, and networks. The fund-of-funds model complements other VC initiatives and extends Tunisia’s integration into global startup ecosystems.
United Gulf Financial Services Venture Capital (UGFS-VC), a seasoned asset manager based in Tunis, is also making strides in the Tunisian startup scene. UGFS-VC recently announced the first close of its early-stage investment fund, New Era Fund I, with €7 million ($7.5 million) secured. With over 100 startup investments under its belt and 15 years of experience, UGFS-VC's integrated investment model nurtures startups from inception to scale.
The launch of New Era Fund I represents a strategic shift towards more focused, thesis-driven capital deployment. The €15 million target size of the fund is substantial within the Tunisian and regional context, aiming to support Series A technology startups in the sectors of artificial intelligence, biotechnology, and green technologies.
ANAVA's €3.5 million investment in New Era Fund I aligns with its mission to strengthen Tunisia's startup ecosystem. This investment underscores ANAVA's commitment to fostering a vibrant and innovative startup culture in Tunisia.
The Fund of Funds model is intended to address structural funding gaps by channeling public and development finance into professionally managed VC funds. ANAVA's initial €60 million close was supported by €40 million from CDC Tunisie and €20 million from KfW.
As ANAVA aims to reach a €100 million target size, the future of Tunisia's startup ecosystem looks promising. With the support of initiatives like ANAVA Fund of Funds and UGFS-VC, Tunisian startups are well-positioned to make their mark on the global stage.
[1] Smart Capital. (n.d.). ANAVA Fund of Funds. Retrieved from https://smart-capital.com/anava-fund-of-funds/ [2] Smart Capital. (n.d.). ANAVA Fund of Funds: Impact and Investments. Retrieved from https://smart-capital.com/anava-fund-of-funds-impact-and-investments/ [4] Smart Capital. (n.d.). ANAVA Fund of Funds: Supporting Tunisia's Startup Ecosystem. Retrieved from https://smart-capital.com/anava-fund-of-funds-supporting-tunisias-startup-ecosystem/
- The ANAVA Fund of Funds, managed by Smart Capital, is investng in local and regional venture funds, aiming to bolster Tunisia’s venture capital ecosystem, particularly focusing on sectors like green technologies.
- United Gulf Financial Services Venture Capital (UGFS-VC) has announced the first close of its early-stage investment fund, New Era Fund I, with a focus on supporting Series A technology startups in sectors such as artificial intelligence, biotechnology, and green technologies.
- Beyond investing in startups directly, the ANAVA Fund of Funds supports education-and-self-development by fostering a diversified venture capital market, providing startups with access to financial resources, mentorship, and networks.
- By strategically mobilizing private and international capital, the ANAVA Fund of Funds and initiatives like it are playing a crucial role in integrating Tunisia's startup ecosystem into global business and technology networks, enabling startups to scale and make their mark on the global stage.
