23.4 C
New York
Thursday, May 23, 2024

ANAVA Fund of Funds Invests €5 Million in Titan Seed Fund I to Bolster Tunisia’s Deeptech Startups


ANAVA Fund of Funds, managed by Smart Capital, has pledged a €5 million investment in the Titan Seed Fund I. This fund is specifically designed to champion deeptech startups within the country.

The announcement of this investment marks a pivotal milestone in the drive to foster innovation and technology advancement within Tunisia. The agreement was formalized during a press conference organized by the Caisse des Dépôts et Consignations (CDC) as part of the ‘Innovative Startups and SMEs’ project, a venture financed by the World Bank, CDC, and the German development bank KFW.

Under the management of the Medin Fund Management Company, which received approval from the CMF in November 2022, the Titan Seed Fund I is established with a €10 million capital commitment aimed at investing in approximately 20 Tunisian startups. This initiative stands as a pioneering effort in North Africa, directing its focus on deeptech startups at their seed stage, with average investments ranging from €300,000 to €650,000. The fund’s primary objective is to equip these startups for Series A fundraising, a stage typically reached when a startup possesses a marketable product generating considerable interest and displaying substantial growth potential.

The ANAVA Fund, inaugurated in March 2021, plays a crucial role in the national initiative known as Startup Tunisia. The overarching aim of this initiative is to position Tunisia as a nucleus of innovation and startups, bridging the gap between the Mediterranean, the MENA region, and Africa in the pursuit of technological advancement and entrepreneurial development.

Related Articles

Stay Connected

- Advertisement -spot_img

Latest Articles