The Anava fund of funds in Tunisia, managed by Smart Capital, has pledged to invest €5 million in the newly established Titan Seed Fund I, which is focused on providing support to deep tech startups in Tunisia.
An agreement was formalized during a press conference organized by the Caisse des Dépôts et Consignations (CDC) to introduce the “Innovative Startups and SMEs” project, which is backed by the World Bank, CDC, and the German development bank KFW.
The Titan Seed Fund I, with €10 million in capital, is overseen by Medin Fund Management Company, which received approval from the CMF in November 2022. This venture was co-founded by former Minister of Communication Technologies and Digital Economy, Noomane El Fehri,
and Investment Capital Manager, Ghazi Ben Othman, each holding a 39.99% stake.
This fund is poised to invest in nearly twenty Tunisian startups and stands as the first deep tech-focused fund in the “Seed” stage in North Africa. It aims to provide investments ranging from €300,000 to €650,000, with the goal of preparing these startups for “Series A” fundraising, which typically occurs after they have launched a product or service with promising growth potential.
Launched on March 23, 2021, ANAVA is Tunisia and Africa’s inaugural fund of funds. It plays a pivotal role in the national initiative of Startup Tunisia, which seeks to position Tunisia as a hub for innovation and startups, at the crossroads of the Mediterranean, the MENA region, and Africa.
Souce: Wamda