KfW, a German Development Bank, and Smart Capital, the entity mandated by the Tunisian government to manage the Startup Tunisia project, have signed, on Thursday, December 1, 2022, KfW’s subscription form to the Anava fund of funds for an amount of 20 million euros, as well as the technical assistance agreement dedicated to the same fund for an amount of 4 million euros, all within the framework of the bilateral cooperation programme between Germany and Tunisia.

The subscription of German cooperation through KfW brings the size of the Anava fund of funds to 60 million euros out of a target size of 100 million euros, and will significantly strengthen the impact on Tunisia’s innovative economy, because this capital will allow to irrigate the Tunisian entrepreneurial ecosystem, which is already in full swing, with financial support eagerly awaited by young start-ups through the creation by 2025 of 13 underlying investments. It will also allow for the creation of a new generation of funds within the context of this programme.

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The technical support package, for its part, develops Smart Capital’s capacities and improves its resources and tools for managing and monitoring the fund of funds in accordance with the best worldwide standards of the underlying funds and the eventual beneficiaries, namely startups.

With this agreement, KfW and Smart Capital solidify one of the cornerstones of Startup Tunisia, an ambitious and innovative investment programme firmly backed by the Tunisian government and the German side.

These signatures were obtained on the sidelines of the Intergovernmental Monitoring Committee meeting between Germany and Tunisia in Berlin from November 29 to December 1.

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Recall that the Caisse des dépôts et consignations is the lead investor in the Anava fund of funds, with an initial commitment of 40 million euros made possible by a World Bank loan to the Tunisian government as part of the “Startups and SMEs” project.

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. You can book a session and speak with him using the link: https://insightsbyexperts.com/view_expert/charles-rapulu-udoh