Anava Commits $5 Million Investment to Back Tunisian Startups Through Titan Seed Fund I

The “ANAVA” fund of funds run by “Smart Capital” expressed its commitment to invest €5 million in a new underlying fund called “Titan Seed Fund I.” It is dedicated to supporting deep tech startups (startups developing highly innovative techniques) in Tunisia.

An agreement was signed during a press meeting held by the Caisse des Dépôts et Consignations (CDC) to present the startup support project «Innovative Startups and SME’s, funded by the World Bank, the CDC, and the German development bank “KFW”.

The new fund, Titan Seed Fund I, is managed by the company Medin Fund Management Company, which obtained approval from the CMF in November 2022. The latter was founded by former Communication Technologies and Digital Economy Minister Noomane El Fehri and Investment Capital Manager Ghazi Ben Othman (each holding 39.99% of his capital).

With an amount of €10 million, «Titan Seed Fund I» seeks to invest in almost twenty Tunisian startups. It represents the first fund in North Africa focused on «Deep Tech» in the «Seed» phase (seed fundraising). The Fund intends to invest an average amount of between €300,000 and €650,000, with the aim of preparing them for a «Series A» type of fundraising. (Series A fundraising occurs when the startup has already marketed a product or service that arouses interest and presents development prospects.)

ANAVA, officially launched on March 23, 2021, is the first fund of funds in Tunisia and Africa. It is one of the key pillars of the national initiative Startup Tunisia, which aims to make Tunisia a country of innovation and startups at the crossroads of the Mediterranean, the Mena region, and Africa.

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