Tunisia’s ANAVA Fund Backs Rasmal Innovation Fund with $4M Boost

Malaz Madani

Last updated 22-09-2025

3 min

Tunisia’s ANAVA Fund commits $4 million to Qatar-based Rasmal Innovation Fund.

Rasmal targets $100 million for investments in fintech, healthtech, and enterprise SaaS.

ANAVA aims to boost Tunisian startups with access to regional capital streams.

Rasmal's first Tunisian investment in Aqua Development marks a significant milestone.

Cross-regional partnerships offer hope but managing expectations remains crucial for startups.

Big news coming out of North Africa this week: Tunisia’s ANAVA Fund has committed $4 million to the Rasmal Innovation Fund, a Qatar-based venture capital vehicle set up by Rasmal Ventures. Although still a relatively young firm, having launched in 2023, Rasmal has been moving quickly. Its first fund, unveiled in June 2024, was selected as the very first to be backed by Qatar Investment Authority’s $1 billion Fund of Funds programme. Not a bad start, really.

Rasmal Innovation Fund I is targeting a final close at $100 million, after an initial closing of $30 million that included contributions from the sovereign wealth fund, prominent corporates and family offices. The focus is pretty clear-cut: early-stage to Series B investments across fintech, enterprise SaaS, healthtech and logistics. For founders working in those areas, it could feel like the stars are finally aligning.

From ANAVA’s side, the motivation seems straightforward—they want Tunisian startups to tap into this stream of regional capital rather than being left fighting for scraps. And, believe it or not, Rasmal has already signed its very first deal in Tunisia with Aqua Development, the company established by entrepreneur Othman Ben Abbas. For a local ecosystem often accused of being overlooked, that’s quite a meaningful signal.

Now, I’ve seen funds promise the moon and then stay oddly quiet when it comes to deploying capital, but this looks a bit different. The cross-regional collaboration is already producing tangible results. Frankly, I reckon this sort of partnership is exactly what MENA founders need—connecting Tunisian ingenuity with Gulf liquidity. On the flip side, managing expectations will be critical. Startups know too well that raising venture money is still, at times, a bit of a faff.

At Arageek, we often hear first-hand just how frustrating it can be for founders to feel cut off from serious funding. Back when I spoke with a Tunis-based team earlier this year, they joked that investors only discovered Tunis when flying to holiday in Djerba. So to see a heavyweight like ANAVA taking steps to bridge the gap? Spot on, if you ask me. And if this is followed by steady deal flow, Tunisian founders might just be chuffed to bits.

Of course, the proof will be in the execution. Big ticket numbers make the headlines, but what really matters for the region’s entrepreneurs is whether that money actually lands in their bank accounts. As someone who’s watched more than one promising startup fold for lack of liquidity, I can say it’s definately encouraging to witness such moves aimed at closing the gap.

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