Tunisia’s ANAVA Fund of Funds has announced a $4 million commitment to Rasmal Innovation Fund I, a debut fund launched by Qatar-based Rasmal Ventures. The move aims to attract more international venture capital to Tunisian startups while building stronger ties across the MENA innovation ecosystem.
Building Bridges for Startups
This investment aims to:
- Expand global VC flows into Tunisia’s early-stage ecosystem.
- Strengthen collaboration between Tunisian and wider MENA founders.
- Position Tunisia as a key hub for scaling technology-driven businesses.
ANAVA’s fund-of-funds model ensures that public money can be leveraged to draw private and international investors into Tunisia’s startup scene.
Rasmal Ventures and Its First Fund
Founded in 2023, Rasmal Ventures focuses on supporting startups from seed to Series B stages across Qatar and the broader region. Its debut vehicle, Rasmal Innovation Fund I, launched in June 2024.
Key highlights of the fund include:
- Backed by the Qatar Investment Authority (QIA) as part of its $1 billion Fund of Funds programme.
- Targeting a $100 million final close to back startups with strong growth potential.
- Already secured $30 million from QIA, corporates, and family offices.
- Investing across fintech, B2B SaaS, healthtech, and logistics sectors.
By focusing on scalable digital and infrastructure-driven sectors, Rasmal aims to support the next generation of regional category leaders.
ANAVA’s Role in Tunisia’s Startup Growth
ANAVA Fund of Funds is a public–private initiative backed by:
- The World Bank
- Germany’s KfW Development Bank
- Tunisia’s Caisse des Dépôts et Consignations (CDC)
Through its approach, ANAVA works to:
- Attract global venture funds to Tunisia.
- Multiply the impact of public investments.
- Accelerate the maturity of the local startup ecosystem.
The collaboration with Rasmal reflects ANAVA’s broader goal of embedding Tunisia more firmly into the MENA venture capital network.
Why This Matters for Tunisia and MENA
The commitment aligns with several long-term objectives:
- Creating new capital pathways for Tunisian founders.
- Encouraging international VC funds to establish a local footprint.
- Building stronger cross-border networks for scale-ups.
- Supporting innovation-led growth in priority sectors.
For Tunisia, this means more than funding. It is about creating visibility, credibility, and lasting partnerships that can help founders break into regional and global markets.
Outlook
With Rasmal Innovation Fund I targeting $100 million, and ANAVA’s commitment serving as a catalyst, the partnership is expected to bring new opportunities for both Tunisian startups and MENA investors. The collaboration underscores how regional cooperation can unlock capital, talent, and scale for emerging markets.
If successful, the initiative could set a template for similar cross-border funds that amplify both local ecosystems and regional venture networks.