Smart Capital, through its ANAVA Fund of Funds, has announced a $4 million commitment to Rasmal Innovation Fund I, managed by Rasmal Ventures. This investment marks a significant effort to attract international investors to the Tunisian startup ecosystem and provide local startups with the necessary capital for global expansion.
A Strategic Push for Tunisia’s Ecosystem
The investment is a key component of the national “Startup Tunisia” initiative, which aims to position the country as a major innovation hub across the Mediterranean, MENA, and African regions. By backing a MENA-focused fund like Rasmal, ANAVA seeks to create a bridge for Tunisian startups to access wider regional networks and funding opportunities, enabling their growth and internationalization.
Spotlight on Rasmal Innovation Fund I
Rasmal Ventures Innovation Fund I is a MENA-based venture capital fund focused on early-stage startups in high-growth sectors including FinTech, B2B SaaS, HealthTech, Logistics, and Supply Chain. The fund is targeting a total close of $100 million, with an initial close of $30 million. Notably, it is the first fund selected for the Qatar Investment Authority’s $1 billion VC program. The fund is managed by a seasoned team of venture capitalists, including Soumaya Ben Beya Dridje, Alexander Wiedmer, Dr. Shaikha Al Jabir, and Angus Paterson.
First Investment In a Tunisian Startup
As part of its strategy, Rasmal Innovation Fund I has already announced its investment in Aqua Development, a startup co-founded by Tunisian entrepreneur Othman Ben Abbes. The company, which has dual headquarters in Tunisia and Korea, is pioneering sustainable shrimp aquaculture systems by leveraging a unique combination of biotech, AI, and design engineering.
About ANAVA Fund of Funds
ANAVA is Tunisia’s first euro-denominated fund of funds and a central pillar of the “Startup Tunisia” initiative. Supported by the World Bank, CDC, and KFW, the fund aims to provide capital to partnering funds to invest in Tunisian startups, supporting their growth and international expansion needs. It is managed by Smart Capital, a company mandated by the Tunisian government to lead the Startup Tunisia program.
About Rasmal Ventures
Rasmal Ventures is Qatar’s first independent venture capital firm with an extensive network across the MENA innovation ecosystem. With offices in Doha and Saudi Arabia, the firm focuses on proprietary opportunities that drive market innovation and sustainable growth. Its inaugural fund, Rasmal Innovation Fund I, targets tech startups from pre-Series A to Series B across the MENA region and beyond.
About Aqua Development
Aqua Development is a biotech startup that combines AI and design engineering to create highly productive and sustainable shrimp aquaculture systems. The company’s innovative approach mimics natural ecosystems to operate without antibiotics or polluting chemicals, ensuring both environmental and economic competitiveness.
Source: Smart Capital
