Tunisia’s ANAVA Fund of Funds has made a significant commitment of $4 million to Qatar-based Rasmal Innovation Fund I, a move that promises to strengthen cross-border ties within the MENA startup ecosystem and attract more global venture capital into Tunisian ventures. The investment highlights the growing collaboration between emerging innovation hubs in the region and aims to support startups with the resources and networks they need to scale.
Rasmal Innovation Fund I, the first fund launched by Rasmal Ventures, is backed by Qatar Investment Authority’s (QIA) $1 billion Fund of Funds programme and is targeting a $100 million final close. The fund focuses on startups at the seed to Series B stage, covering key sectors such as fintech, B2B SaaS, healthtech and logistics. By providing capital to these high-growth areas, Rasmal Innovation Fund I seeks to accelerate innovation and help regional startups expand beyond their local markets.
Founded in 2023, Rasmal Ventures has set out to support the most promising Qatari and MENA startups. The launch of Rasmal Innovation Fund I in June 2024 marked a major milestone as the first fund selected under QIA’s programme. The fund has already secured $30 million from QIA, corporate partners and family offices, reflecting strong confidence in the potential of the region’s emerging tech companies. ANAVA’s $4 million investment adds momentum and signals increasing international interest in Tunisian innovation.
ANAVA Fund of Funds is a public–private initiative designed to strengthen Tunisia’s venture capital ecosystem. Supported by the World Bank, Germany’s KfW Development Bank and Tunisia’s Caisse des Dépôts et Consignations (CDC), ANAVA uses a “fund of funds” model to attract international fund managers to deploy capital into Tunisian startups. This approach multiplies the impact of public funds by bringing in private and institutional investors, creating more opportunities for local entrepreneurs to access growth capital.
The collaboration between ANAVA and Rasmal Innovation Fund I goes beyond capital alone. By linking Tunisian startups to a broader regional network and global venture ecosystem, the partnership provides entrepreneurs with access to expertise, mentorship and market opportunities they may not reach independently. This kind of cross-border engagement is crucial for scaling early-stage businesses, helping them compete regionally and internationally while fostering a more interconnected MENA innovation ecosystem.
For the Tunisian startup ecosystem, ANAVA’s investment represents both confidence and a pathway to growth. It demonstrates that public initiatives, when combined with international venture capital, can create powerful leverage for local entrepreneurs. By channeling funds through Rasmal Innovation Fund I, ANAVA is helping to bridge the gap between emerging Tunisian startups and global investors, encouraging more innovation, job creation and regional collaboration.
Rasmal Innovation Fund I plans to support companies across fintech, B2B SaaS, healthtech and logistics, sectors that are seeing rapid growth and have high potential for regional scale. The fund’s strategy includes not only financial investment but also guidance and strategic support to help startups navigate challenges, refine their business models and prepare for the next stage of growth.
With this $4 million investment from ANAVA, Rasmal Innovation Fund I is better positioned to accelerate the growth of promising startups in Tunisia and across the MENA region. The initiative is expected to strengthen the regional venture capital landscape, increase cross-border collaboration and create an environment where innovation thrives. For entrepreneurs, investors and the wider ecosystem, this partnership represents a concrete step toward making the MENA region a more connected and dynamic hub for startups.
