Tunisia’s ANAVA Fund of Funds has committed $4 million to Rasmal Innovation Fund I, the debut fund launched by Qatar-based Rasmal Ventures. The investment is designed to attract more global venture capital into Tunisia’s startup ecosystem while building stronger links with MENA’s fast-growing innovation hubs.
Rasmal Innovation Fund I: A Regional Growth Vehicle
Launched in June 2024, Rasmal Innovation Fund I is the first fund selected under the Qatar Investment Authority’s (QIA) $1 billion Fund of Funds programme. The fund is targeting $100 million to invest in high-potential startups from seed to Series B stages.
Its focus areas include:
The fund has already raised $30 million from QIA, corporates, and family offices, with more commitments expected as it moves toward final close.
ANAVA’s Role in Strengthening Tunisia’s Ecosystem
ANAVA Fund of Funds was created as a public-private initiative to strengthen Tunisia’s venture capital ecosystem. Backed by global development institutions such as the World Bank, Germany’s KfW Development Bank, and Tunisia’s Caisse des Dépôts et Consignations (CDC), the fund leverages public money to attract global investors.
Through its fund-of-funds model, ANAVA ensures that every dollar invested helps bring in multiples of international capital. This strategy allows Tunisian startups to gain access to:
- Larger financing rounds
- More diverse investor networks
- Mentorship and expertise from international VCs
Why the Partnership Matters
The collaboration between ANAVA and Rasmal Ventures is more than a funding deal. It is a regional partnership trying to give open opportunities for Tunisian startups to scale across borders.
Key outcomes expected from the investment include:
- Increased access to international venture capital for Tunisian founders
- Stronger integration of Tunisian startups into MENA’s innovation networks
- Sector-specific growth in fintech, SaaS, healthcare, and logistics
- Support for regional scale-ups with global ambitions
Building a Cross-Border Innovation Bridge
For Tunisia, the deal marks another milestone in positioning itself as a gateway to MENA venture capital. For Rasmal, the partnership strengthens its mission of connecting Qatari and MENA startups with strategic investors and scaling opportunities.
With rising interest in North African entrepreneurship and sustained backing from institutional investors, both funds are betting on regional collaboration as a driver of growth.
As Rasmal Innovation Fund I moves toward its $100 million goal, the collaboration with ANAVA highlights a broader trend in MENA: building stronger cross-border bridges to fuel the next generation of startups.