KfW, Germany’s Development Bank, and Smart Capital, a Tunisian government body managing the Startup Tunisia project, signed a €20 million subscription form from KfW to the Anava Seed Fund and an agreement of technical assistance of €4 million to the same fund. Both commitments are worth almost $25 million.
The investment will provide the Tunisian entrepreneurial ecosystem with financial support as thirteen underlying funds will be created by 2025 in the seed, startup, and expansion phases and a new generation of funds will be developed as part of this initiative.
The Anava Seed Fund has a fund size of 30 million Tunisian Dinar (which accounts for almost $9.2m) and is investing in up to 90 early-stage startups, during its 5 years investment period.
Funds available for technical assistance will help build the capacities of Smart Capital and increase its resources and enhance its tools to manage its fund of funds.
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