Within the framework of a startup support project funded jointly by the World Bank, CDC, and KfW, the Anava fund of funds has announced its commitment to invest 5 million euros (USD 5.27M) in a new underlying fund, Titan Seed Fund I, managed by Medin Fund Management Company.
Titan Seed Fund I aims to reach a size of 10 million euros with the goal of investing in around twenty Tunisian startups. It will be the first fund in North Africa focused on deep tech at the Seed stage. The fund plans to invest an average ticket size ranging from 300,000 to 650,000 euros, with the objective of preparing them for a Series A fundraising round.
Ghazi Ben Othmane, a shareholder of Medin Fund Management Company, stated, “The company’s international professional network (in the Americas, Europe, Africa, and the Gulf) facilitates startups’ access to the global scale and easier international expansion.” He also added, “The company is not afraid of taking risks, which means it invests in innovative, scalable startups and highly ambitious entrepreneurs, especially in deep tech, whether it’s in agriculture, medicine, fintech, and more.”
It’s worth noting that Anava is the first euro-denominated fund of funds in Tunisia and a key component of the national initiative “Startup Tunisia,” which aims to establish Tunisia as a hub for innovation and startups at the crossroads of the Mediterranean, the MENA region, and Africa.
Initially targeting a size of 100 million euros, with an initial closing of 40 million euros subscribed by the Caisse des dépôts et consignations (CDC) through a World Bank loan and 20 million euros subscribed by KfW, the fund of funds aims to provide the underlying funds with the opportunity to invest in Tunisia and abroad. This solution is greatly anticipated to address the funding and internationalization challenges faced by Tunisian startups.
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The fund is managed by Smart Capital, a company authorized by the Conseil du marché financier (CMF) and mandated by the Tunisian government to implement its national program, Startup Tunisia.
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Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard