Tunisia’s ANAVA Fund of Funds has invested $4 million in Rasmal Innovation Fund I, the first fund launched by Qatar-based Rasmal Ventures.
The investment aims to bring more international venture capital to Tunisia’s startup ecosystem and boost collaboration between emerging innovation hubs in the MENA region.
Rasmal Ventures, founded in 2023, invests in startups from Qatar and the MENA region, supporting them from seed stage to Series B.
Its first fund, Rasmal Innovation Fund I, launched in June 2024 and became the first fund chosen for the Qatar Investment Authority’s (QIA) $1 billion Fund of Funds program.
ANAVA Fund of Funds is a public–private initiative backed by the World Bank, Germany’s KfW Development Bank, and Tunisia’s Caisse des Dépôts et Consignations (CDC).
It uses a “fund of funds” approach, which means it invests in other venture capital funds rather than directly in startups.
This approach helps bring international VC managers to invest in Tunisian startups, increasing the impact of public funds.
Rasmal Innovation Fund I is aiming to raise a total of $100 million, after already securing $30 million from the Qatar Investment Authority, corporates, and family offices.
The fund will invest in startups in fintech, B2B SaaS, HealthTech, and logistics, to boost innovation and help companies grow across the region.
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