Tunisia’s ANAVA Fund of Funds has invested USD 4 million into the Qatar-based Rasmal Innovation Fund, marking a strategic step to channel more international capital into Tunisia’s startup ecosystem.
Founded in 2023, Rasmal Ventures is a Qatari venture capital firm focused on startups in Qatar and the wider MENA region. It launched its first vehicle, Rasmal Innovation Fund I, in June 2024.
Notably, it was also the first fund selected under the Qatar Investment Authority’s (QIA) USD 1 billion fund of funds programme.
ANAVA Fund: Backing Innovation Across MENA
The Rasmal Innovation Fund I is targeting a final close of USD 100 million, having already secured USD 30 million from QIA, corporates, and family offices. The fund will invest in seed to Series B startups across MENA, with a focus on FinTech, B2B SaaS, HealthTech, and logistics.
For Tunisia, participation in such cross-border funds opens new pathways for global capital to flow into local startups. ANAVA’s model requires foreign fund managers to reinvest multiples of the committed capital into Tunisian ventures, ensuring direct ecosystem impact.
ANAVA is a public-private initiative backed by the World Bank, Germany’s KfW Development Bank, and Tunisia’s Caisse des Dépôts et Consignations (CDC).
By investing into regional VC funds like Rasmal, ANAVA aims to strengthen Tunisia’s startup financing landscape while embedding the country into broader MENA innovation networks.
This latest commitment underscores Tunisia’s strategy to integrate with regional venture capital flows. By leveraging the fund-of-funds model, the country hopes to bring more capital, expertise, and growth opportunities to its domestic startup ecosystem.
