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Deep Tech Startups in Tunisia Have a New $10.5M Seed Fund to Tap

October 18, 2023

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.

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.

Deep tech Fund Tunisia Deep tech Fund Tunisia

Digital Banks are Giving Big Banks Runs for Their Money

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

216 Capital Ventures Raises $9.6M To Invest In Startups

May 26, 2022

Smart Capital, the management company of the ANAVA fund of funds, has announced a subscription of up to 6 million Euros (USD6.4M) to 216 Capital Fund I, the first underlying fund of ANAVA and the first specialized investment fund (SIF) managed by 216 Capital Ventures.

216 Capital Fund I, whose first close is for 9 million Euros, is a generalist fund that aspires to invest primarily in pre-seed and seed stage startups with average ticket sizes of 100,000 Euros. The fund will invest in around 50 Tunisian startups as well as foreign startups that employ more than half of their personnel in Tunisia.

Alaya Bettaeb, Managing Director of Smart Capital

“This initial investment marks the introduction of the ANAVA fund of funds into its investment phase, following just over a year of its debut,” said Alaya Bettaeb, Managing Director of Smart Capital. “The fund of funds intends to invest in at least 13 investment funds dedicated to financing at least 350 companies at various stages of development during the next five years (seed, growth and international expansion).”

“We are very thrilled to be the first of 13 underlying funds that will undoubtedly enrich the investment ecosystem in Tunisia,” said Dhekra Khelifi, Partner at 216 Capital Ventures. “We are also conscious of the purpose we have set for ourselves: to assist innovative firms in the early stages of their development and to be more than just a financing vehicle, but a partner in their success. We are confident, and we have already begun our entry investment phase with two commitments in two businesses in order to send a strong and comforting signal to Tunisian founders and, more importantly, to reposition Tunisia on the radar of international players.”

South African Edtech Startup FoondaMate Raises $2M Seed Funding

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

Tunisia’s Smart Capital, In Charge Of The Startup Act, Gets A New Boss, Nears Close Of $241m Startup Fund

February 9, 2021

Smart Capital, a management company responsible for the implementation of the national Startup Tunisia initiative, including the country’s Startup Act, has appointed a new general manager. He is Alaya Bettaieb, former Tunisian minister for international cooperation and planning.

Image result for Alaya Bettaieb — *Alaya Bettaieb, Smart Capital’s new boss*

Previously, the manager was a consultant in investment and technology related activities. With a solid expertise in the financial world, the former minister had to occupy several positions of responsibility in this field. He was co-founder and former president of the Tunisian Venture Capital Association, co-founder of the Euro-Mediterranean Capital Forum, member of the BOD of Licensing Executives Society Arab Countries.

A pioneer in introducing intellectual property and technology transfer issues to the venture capital community in the MENA region, Alaya Bettaieb, 63, holds a master’s degree in physical sciences (Faculty of Sciences of Tunis), a Masters in Petroleum Engineering (University of Southern California) and a Masters in Management Economics (University of Hiroshima in Japan).

Startup Tunisia is a national initiative which aims to make Tunisia a country of Startups at the crossroads of the Mediterranean, the MENA region and Africa. It intends to rely on 3 essential pillars to succeed in this mission, namely to create a favorable legal framework and attractive investment and a favorable ecosystem.

The Fund with a target size of 200 million euros ($241m) with an expected first closing of 100 million euros aims to invest in 13 investment funds dedicated to Startups at each stage of their development.

Lessons from Tunisia’s seeming success with its Startup Act

Tunisia’s Startup Act has largely succeeded because of a collaboration between the public and private sectors. For instance, Smart Capital, the company in charge of administering the Tunisian Startup Act is privately managed, although with public shareholding. The company was approved by the Tunisian Financial Markets Council, and works with the country’s Ministry of Communication Technologies and Digital Economy and the Ministry of Finance. Smart Capital’s mission is simple and straight-forward: design and implement the Startup Tunisia initiative (including among others, the Startup Act and the Fund of Funds ANAVA), in order to make Tunisia a country of startups at the crossroads of the Mediterranean, MENA region and Africa.

Thus, handing over the administration of the Act to a private entity has saved the Act from the bugs of bureaucracy and inefficiencies that eat up most government commissions and agencies in Africa. The company has been promoting Tunisian startups and planning several launches of funds in support of startups, recently.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer

Smart Capital Startup Act

SMART Capital, In Charge Of Tunisian Startup Act, Announces New Support For Tunisian Startups

July 10, 2020

The Tunisian startup ecosystem should be enriched with new facilities that will further stimulate the business environment. According to Heithem Mehouachi, CEO of SMART Capital, the operator in charge of the Startup Act, emphasis will be placed on funding under the new arrangement.

Heithem Mehouachi, CEO of SMART Capital, — Heithem Mehouachi, CEO of SMART Capital

Here Is A List Of The New Measures To Be Implemented Soon In Favour of Startups

According to Mehouachi, a bill is planned to encourage companies to strengthen cooperation with researchers, universities and technology parks; an innovative entrepreneurship conversion program to target 1,000 doctors.
There are also plans to create a fund of 240 million dinars ($84 million) to finance innovation projects;
A funding mechanism of up to 3 million dinars ($1 million), to support labeled startups which have been impacted by Covid-19;
A startup guarantee fund, or guarantee mechanism for interests in start-ups, up to 10 million dinars ($3.5 million);
A support program for the ecosystem of start-ups up to 20 million dinars ($7 million), to finance research and innovations of project leaders; a pilot program of state startups, up to 50 million dinars ($17.5 million), and a state innovation laboratory, up to 10 million dinars ($3.5 million).

Smart Capital ‘s Heithem Mehouachi, who explained that the development of the Tunisian start-up ecosystem requires the financing of innovators, said that 13 investment funds will be created for this purpose. Comprising six seed funds, four Seed / Early Stage funds and three Late Stage funds, in order to cover the entire financing chain, they will form a Fund of funds whose target size is 200 million euros .

The fund would also be operational in the fourth quarter of 2020.
By taking stock of the existing state of the entrepreneurial ecosystem in Tunisia, Haythem Mehouachi said that the Startup Act adopted in 2018, has already enabled the labeling of 292 startups.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer.