UGFS-VC’s New €7M Fund Boosts Tunisia’s Tech Startup Scene

Editorial Team

Last updated 22-04-2025

3 min

UGFS-VC launches New Era Fund I in Tunisia with €7 million to boost start-ups.

Key support comes from ANAVA Fund of Funds, including €3.

5 million from international backers.

The fund targets investments in AI, biotech, and green tech within Tunisia’s innovation economy.

UGFS-VC's strong track record aligns well with ANAVA's strategy to empower local venture capital.

ANAVA aims to raise €100 million, broadening its impact across Tunisia and North Africa.

There's good news for Tunisia's blooming start-up ecosystem as the United Gulf Financial Services - Venture Capital (UGFS-VC) confirms the initial close of its latest early-stage investment fund, called New Era Fund I. So far, the fund has secured around €7 million (about $7.5 million) towards its overall target of €15 million ($17 million).

The funding round was given a solid boost by ANAVA Fund of Funds, a key collaborative effort involving both the private and public sectors. This initiative enjoys backing from some fairly heavyweight organisations, including the World Bank, the German Development Bank, and Tunisia's own Deposit and Consignment Fund (CDC). In fact, ANAVA chipped in with a notable €3.5 million contribution this time around.

New Era Fund I has been launched specifically to spur investment within Tunisia's ever-growing innovation economy, particularly aiming at tech start-ups around the Series A stage. It's focusing on supporting businesses in three critical areas: artificial intelligence, biotech and green tech—sectors experts regularly point to as vital for both growth and sustainability.

"This initial close sends out a strong signal to the market," said a UGFS-VC spokesperson. "With ANAVA backing us, we're now well placed to channel inversiones into those daring young businesses tackling tough challenges through real innovation."

UGFS-VC is no stranger to Tunisia’s tech start-up world, already having over 100 investments under its belt. For ANAVA, meanwhile, this latest investment neatly aligns with its wider aim—to turbocharge Tunisia's entrepreneurial landscape by strategically supporting local venture capital funds which, in turn, invest directly in emerging companies.

ANAVA itself has set an ambitious fundraising target of €100 million. It's managed by Smart Capital, an entity designated by the Tunisian government as part of the national Startup Tunisia initiative. To date, ANAVA has already committed over €45 million across ten different VC funds, aiming eventually to support up to thirteen in total. While seven of these focus purely on Tunisia, several others have broader mandates spanning the North African region.

It's clear that both UGFS-VC and ANAVA believe firmly in Tunisia’s young tech talents, placing bets on those sparking innovative and practical solutions for the future. And while these ventures are bound to meet their fair share of twists and turns, things certainly appear promising right from the off.

Now, if only every funding story could be as straightforward—they rarely pass without a hiccup. Knowing how tricky these deals can be behind the scenes, I'm reminded of that old saying: "It ain't over till the fat lady sings"—or perhaps more appropriately here in Tunisia, "until we've shared a plate of steaming hot shakshuka." Either way, here's to hoping Tunisia's tech scene continues cooking up something special.

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