Tunisia’s state-backed fund of funds, ANAVA, has announced a $4 million commitment to Rasmal Innovation Fund I, a venture capital vehicle launched by Qatar-based Rasmal Ventures. The investment reflects ANAVA’s strategy to attract international VC capital into Tunisia’s startup ecosystem and accelerate access to growth finance. The fund is managed by a team of seasoned investors with regional expertise and a direct connection to Tunisia’s entrepreneurial landscape.
ANAVA’s Strategic Role
ANAVA operates as a fund of funds supported by the World Bank, British International Investment (formerly CDC), and Germany’s KfW. Since its inception, its mandate has been to stimulate Tunisia’s early-stage financing market by partnering with global funds that commit to investing locally. The latest move ensures Tunisian startups gain greater visibility among international investors while securing much-needed capital for scaling globally.
Rasmal Ventures and Fund Launch
Rasmal Ventures was established in 2023 and introduced its first fund, Rasmal Innovation Fund I, in June 2024. The fund was the first selected under the Qatar Investment Authority’s (QIA) $1 billion Fund of Funds initiative, aimed at catalyzing regional venture capital development. With a target of $100 million and an initial close of $30 million secured from QIA, corporates, and family offices, the fund is positioned to play a significant role in the MENA region’s startup scene.
Investment Focus
The Rasmal Innovation Fund intends to back companies from seed through Series B stages across key sectors, including fintech, B2B SaaS, healthtech, and logistics. This diversified focus aligns with the region’s digital transformation needs and supports high-growth verticals with strong regional demand. By building a balanced portfolio, Rasmal aims to provide both financial returns and meaningful impact within the innovation economy.
Management Team with Tunisian Ties
The management team includes partners Alexander Wiedmer, Dr Shaikha Al Jabir, Angus Paterson, and Tunisian national Soumaya Ben Beya Dridje. Dridje previously worked at Smart Capital, the government-mandated firm managing ANAVA, as Senior Startup Ecosystem Officer for Investment. Her involvement illustrates the fluid nature of talent in smaller ecosystems, where professionals often transition between public roles and the private investment sector.
Strengthening Tunisia’s Ecosystem
Through its commitment, ANAVA expects Rasmal to actively identify and invest in Tunisian-founded ventures. This approach not only brings in regional capital but also signals international validation of Tunisia’s entrepreneurial potential. Rasmal has already demonstrated interest in the market by investing in Aqua Development, a water-tech company co-founded by Tunisian entrepreneur Othman Ben Abbes.
Investor Confidence and Regional Impact
In earlier statements, Co-Managing Partner Alexander Wiedmer emphasized the trust placed in Rasmal by institutional backers such as QIA and family offices. He highlighted that their confidence underscores the team’s ability to deliver a selective yet impactful investment strategy across the MENA region. The presence of ANAVA among its investors further anchors the fund’s commitment to Tunisian startups within this broader mandate.
Broader Implications for Emerging Markets
For emerging ecosystems like Tunisia, partnerships with international VC firms are vital to scaling startups beyond local markets. The fund-of-funds model has proven effective by incentivizing global managers to allocate capital domestically while expanding their regional reach. Ultimately, these collaborations offer Tunisian founders not only funding but also access to networks, expertise, and cross-border opportunities.
ANAVA’s $4 million investment in Rasmal Innovation Fund I signals a new chapter in Tunisia’s efforts to attract global venture capital and expand its startup economy. The partnership combines international resources with local expertise, offering a platform for Tunisian entrepreneurs to integrate into the wider MENA innovation ecosystem. The long-term success of this initiative will be measured by how effectively capital flows into Tunisia and translates into growth for its most promising startups.