Fresh Start in Tunisia: UGFS-VC Kicks Off Era Fund I, Investing Heavily in AI, Biotech, and Eco-friendly Tech Startups
Since its inception, the ANAVA Fund of Funds has committed over €45 million across 10 venture capital funds, with a goal to invest in at least 13. This $60 million fund, created under Tunisia's 2018 Startup Act and managed by Smart Capital, aims to strengthen and professionalize venture capital investments in Tunisia and the broader North African region.
The launch of New Era Fund I marks a strategic shift towards more focused, thesis-driven capital deployment in high-growth sectors, such as artificial intelligence, biotechnology, and green technologies. United Gulf Financial Services Venture Capital (UGFS-VC), a Tunis-based asset manager with over 100 startup investments, is managing New Era Fund I and has announced its first close, securing €7 million towards a €15 million target. ANAVA's Fund of Funds model has committed €3.5 million to New Era Fund I.
UGFS-VC's integrated investment model nurtures startups from inception to scale, focusing on ecosystem engagement and sustainable company-building. This approach aligns with ANAVA's mission to strengthen Tunisia's startup ecosystem.
ANAVA's investment portfolio extends beyond Tunisia's borders, with funds such as Go Big Partners, Silicon Badia, Janngo Capital, and LoftyInc Capital contributing to its wide-ranging portfolio. These funds have deployed capital into 45 startups across 12 African countries, including Nigeria, Egypt, Kenya, and Senegal.
Key venture capital funds in Tunisia and North Africa supported or linked with the ANAVA Fund of Funds include the ANAVA Fund of Funds itself, managed by Smart Capital, and Flat6Labs Tunisia Seed Fund II, a venture capital initiative targeting early-stage investments, including deeptech and greentech sectors. MEDIN Fund Management's TITAN SEED FUND I and 216 Capital Ventures, based in Tunis, are also part of ANAVA's platform, investing in early-stage startups.
Seven of these funds focus exclusively on Tunisia, while the others have regional mandates covering North and Sub-Saharan Africa. Notably, Flat6Labs, a prominent seed investor in MENA, recently launched a $95 million fund to support 160 startups across the region.
ANAVA's 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, funded by a World Bank loan, and €20 million from KfW.
The ANAVA Fund of Funds, a public-private initiative, continues to play a crucial role in fostering startup growth and scaling deeptech innovation in Tunisia and North Africa. With a target size of €100 million, ANAVA is poised to make a significant impact on the region's venture capital landscape.
The ANAVA Fund of Funds, with its commitment to green technologies, invests in venture capital funds such as New Era Fund I, managed by UGFS-VC. The integrated investment model of UGFS-VC, nurturing startups across various sectors, resonates with ANAVA's goal to strengthen the startup ecosystem, especially in high-growth sectors like green tech.
ANAVA's investment strategy extends beyond Tunisia, collaborating with funds like Flat6Labs Tunisia Seed Fund II, focusing on deeptech and greentech sectors, targeting startup growth across North Africa and Sub-Saharan Africa. This public-private initiative is a key player in fostering innovation and nurturing startups in these regions.
