• Tunisia’s ANAVA Fund of Funds has committed $4 million to Qatar’s Rasmal Innovation Fund I to channel more global VC into Tunisian startups and strengthen MENA ecosystem links.
• Rasmal Innovation Fund I, backed by QIA’s $1 billion programme, is targeting $100 million to invest in seed-to-Series B startups across fintech, B2B SaaS, healthtech, and logistics.
• ANAVA, supported by the World Bank, KfW, and CDC, continues to leverage its fund-of-funds model to attract international fund managers and scale the local startup scene.

Press release:

Tunisia’s ANAVA Fund of Funds has invested $4 million in Rasmal Innovation Fund I, the debut fund launched by Qatar-based Rasmal Ventures. The investment aims to channel more international venture capital into Tunisia’s startup ecosystem and strengthen cross-border collaboration between MENA’s emerging innovation hubs.

Founded in 2023, Rasmal Ventures focuses on investing in Qatari and MENA startups from seed to Series B. Its first fund, Rasmal Innovation Fund I, launched in June 2024 and was the first vehicle selected for Qatar Investment Authority’s (QIA) $1 billion Fund of Funds programme.

ANAVA Fund of Funds is a public–private initiative supported by the World Bank, Germany’s KfW Development Bank, and Tunisia’s Caisse des Dépôts et Consignations (CDC). Through its “fund of funds” approach, ANAVA attracts international VC managers to deploy capital into Tunisian startups, multiplying the impact of public funds.

Rasmal Innovation Fund I is targeting a $100 million final close, after already securing $30 million from QIA, corporates, and family offices. The fund plans to back startups across fintech, B2B SaaS, HealthTech, and logistics sectors, with the goal of accelerating innovation and regional scale-ups.