Tunisia’s venture capital landscape is making significant strides as United Gulf Financial Services Venture Capital (UGFS-VC) announces the first close of its early-stage investment fund, New Era Fund I. The fund has successfully secured €7 million (approximately $7.5 million) toward its €15 million ($17 million) target. This milestone is bolstered by a €3.5 million commitment from the ANAVA Fund of Funds, a public-private initiative supported by the World Bank, Germany’s KfW Development Bank, and Tunisia’s Caisse des Dépôts et Consignations (CDC).
New Era Fund I, designed to stimulate investment in Tunisia’s burgeoning innovation economy, is set to support Series A technology startups within three pivotal sectors: artificial intelligence, biotechnology, and green technologies. Managed by UGFS-VC, a seasoned Tunis-based asset manager with over 100 startup investments under its belt, the fund highlights a growing institutional confidence in Tunisia’s early-stage tech sector.
“The first close of New Era Fund I sends a strong signal to the market,” said a spokesperson for UGFS-VC. “With ANAVA’s backing, we are now in a strong position to deploy capital into startups that are addressing complex challenges with bold innovation.”
For ANAVA, its €3.5 million investment in New Era Fund I aligns with its overarching mission to strengthen Tunisia’s startup ecosystem by making catalytic investments in local venture capital funds. As Tunisia’s first euro-denominated Fund of Funds, ANAVA aims to reach a €100 million target size and is managed by Smart Capital, the operator of the national Startup Tunisia initiative.
The Fund of Funds model is intended to address structural funding gaps by channeling public and development finance into professionally managed VC funds. ANAVA’s initial €60 million close was supported by €40 million from CDC Tunisie, funded by a World Bank loan, and €20 million from KfW. These capital commitments are geared toward supporting seed and growth-stage investments, helping startups scale beyond early-stage traction.
Since its launch, ANAVA has committed over €45 million across 10 venture capital funds, aiming to invest in at least 13. Seven of these funds focus exclusively on Tunisia, while the others have regional mandates covering North and Sub-Saharan Africa.
UGFS-VC, founded in 2008 as a subsidiary of United Gulf Financial Services-North Africa, is a recognized pioneer in Tunisia’s venture capital space. With more than 15 years of experience and 20 funds structured, UGFS-VC manages assets worth 240 million Tunisian dinars ($80 million). Its integrated investment model nurtures startups from inception to scale, focusing on ecosystem engagement and sustainable company-building.
The launch of New Era Fund I represents a strategic shift towards more focused, thesis-driven capital deployment in high-growth sectors. While its €15 million target may seem modest globally, it is substantial within the Tunisian and regional context, particularly for startups navigating the post-seed financing gap.
The broader ANAVA platform is assembling a diverse range of VC funds with varying sizes, strategies, and geographic scopes. Among these:
- 216 Capital Ventures, based in Tunis, invests in early-stage startups like eSteps and Proxalys.
- MEDIN Fund Management manages the TITAN SEED FUND I, connecting North African startups with global markets.
- Flat6Labs, a prominent seed investor in MENA, recently launched a $95 million fund to support 160 startups across the region.
- Go Big Partners, Silicon Badia, Janngo Capital, and LoftyInc Capital contribute to ANAVA’s wide-ranging portfolio, extending well beyond Tunisia’s borders.
To date, ANAVA-backed funds have deployed capital into 45 startups across 12 African countries, including Nigeria, Egypt, Kenya, and Senegal, showcasing Tunisia’s growing role as a regional venture capital hub.
