- $4 million investment from Tunisia’s state-backed ANAVA Fund into the Qatar-based Rasmal Innovation Fund.
- The fund targets a $100 million final close, investing in early-stage to Series B startups across fintech, B2B SaaS, healthtech, and logistics.
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A strategic step to ensure Tunisian startups benefit from regional capital, with the first investment already made in Tunisian-founded Aqua Development.
Tunisia’s ANAVA Fund, backed by the government, the World Bank, British International Investment (BII), and Germany’s KfW, announced a $4 million investment in the Rasmal Innovation Fund, a Qatar-based venture capital fund focused on the MENA region.
The deal highlights strong cross-border ties in North Africa’s tech ecosystem. Notably, Soumaya Ben Beya Dridge, Partner at Rasmal Ventures, previously served as Senior Manager of the startup ecosystem at Smart Capital, the entity mandated by the Tunisian government to manage the ANAVA Fund.
Rasmal Ventures and the Innovation Fund
Founded in 2023, Rasmal Ventures launched its first vehicle, the Rasmal Innovation Fund I, in June 2024. It became the first fund selected under the Qatar Investment Authority’s (QIA) $1 billion Fund of Funds program, designed to strengthen the local and regional VC landscape.
The fund is targeting a final close of $100 million, following an initial close of $30 million raised from QIA, major corporates, and family offices. Its investment focus spans seed to Series B startups in fintech, B2B SaaS, healthtech, and logistics.
Rasmal’s management team includes Alexander Widmer, Dr. Sheikha Al Jaber, Angus Patterson, and Soumaya Ben Beya Dridge.
Expanding Presence in Tunisia
For ANAVA, this investment is a strategic step to ensure regionally mandated funds allocate capital to Tunisian startups.
Rasmal has already made its first Tunisian investment in Aqua Development, a global water-tech company founded by Tunisian entrepreneur Othman Ben Abbas.
Alexander Widmer, Co-Managing Partner at Rasmal Ventures:
“The confidence entrusted to us by QIA and other investors reflects our team’s capabilities and commitment. We will continue to strengthen our presence in the region and execute our selective investment strategy.”
Significance for Tunisia’s Startup Ecosystem
Engagement of international VC funds in emerging markets such as Tunisia is a vital growth driver. The Fund of Funds model plays a pivotal role by channeling institutional capital to external managers while ensuring reinvestment in local startups.
While the movement of talent between public and private sectors in smaller emerging ecosystems may raise questions, it provides funds like Rasmal with deep market insights from day one. The key challenge will be whether this investment translates into tangible capital flows and global opportunities for Tunisian founders.ِ
العربية (Arabic) To read the article in Arabic, click here
