ANAVA, the fund of funds backed by the World Bank, CDC and KfW, said on Tuesday it will commit $4 million to the Rasmal Innovation Fund, managed by Rasmal Ventures.
The investment is part of efforts to attract international investors to Tunisia’s startup ecosystem and support early-stage companies in accessing finance and scaling globally.
Rasmal Innovation Fund I is a MENA-focused venture capital fund targeting early-stage startups in sectors including FinTech, SaaS B2B, HealthTech, logistics and supply chain, with the aim of strengthening the region’s digital infrastructure.
The fund is managed by a team of experienced venture capital professionals, including Tunisian national Soumaya Ben Beya Dridje, along with Alexander Wiedmer, Dr Shaikhah Al Jabir and Angus Paterson.
Rasmal Innovation Fund I is the first fund selected to benefit from the Qatar Investment Authority’s $1 billion venture capital program. The fund is raising a total of $100 million, with a first close of $30 million.
Separately, Rasmal Innovation Fund I announced its investment in Aqua Development, a Tunisian-founded company with international ambitions, co-founded by Othman Ben Abbes.
