In a big win for Tunisia’s startup ecosystem, United Gulf Financial Services Venture Capital (UGFS-VC) has announced the first close of its $17 million Series A-focused fund, New Era Fund I. Backed by a strong €3.5 million commitment from ANAVA Fund of Funds, the fund has raised €7 million ($7.5 million) so far, marking a major milestone for early-stage tech funding in the region.
What’s New Era Fund I all about?
This fresh capital injection aims to hit squarely at Series A startups working in high-impact industries:
- ✅ Artificial Intelligence (AI)
- ✅ Biotechnology (BioTech)
- ✅ Green Technologies
UGFS-VC, based in Tunis and known for backing over 100 startups, will manage the fund. With 15+ years in the game and $80 million in assets under management, they’re no strangers to building winners.
“The first close is a clear signal that Tunisia is ready for next-level innovation,” said a UGFS-VC spokesperson. “With ANAVA onboard, we’re set to invest in startups tackling big challenges with bold ideas.”
Backing from ANAVA — Tunisia’s Innovation Catalyst
ANAVA, Tunisia’s first euro-denominated Fund of Funds, is the brainchild of the Startup Tunisia initiative. Backed by global players like the World Bank, Germany’s KfW, and Caisse des Dépôts et Consignations (CDC), it’s designed to fix a major problem: funding gaps in early- and growth-stage tech startups.
- €100M target fund size
- €60M raised so far:
- €40M from CDC Tunisie (via a World Bank loan)
- €20M from KfW
So far, ANAVA has committed €45M across 10 VC funds, with plans to invest in 13 total. Seven of those are Tunisia-focused, while others span North and Sub-Saharan Africa.
A Strategic Shift for Tunisia’s VC Landscape
With New Era Fund I, UGFS-VC is zooming in on more targeted, thesis-driven investing. The fund might seem modest globally, but for Tunisia and the region, it’s a game-changer, especially for startups stuck in the “post-seed” funding gap.
Other ANAVA-backed funds lighting up the regional startup scene include:
- ✅ 216 Capital Ventures – backing local stars like eSteps and Proxalys
- ✅ MEDIN Fund Management – linking North African startups with global markets
- ✅ Flat6Labs – recently launched a $95M fund for 160 MENA startups
- ✅ Go Big Partners, Silicon Badia, Janngo Capital, LoftyInc Capital – bringing diverse regional exposure
Together, these funds have already backed 45 startups across 12 African countries, including Nigeria, Kenya, Egypt, and Senegal—solidifying Tunisia’s role as a regional venture capital hub.
Final Thoughts
This is more than just a funding round—it’s a statement. Tunisia is ready to play a leading role in African tech innovation. With UGFS-VC at the wheel and ANAVA fueling the journey, startups in AI, biotech, and green tech are poised to thrive.