ANAVA Invests $4M in Rasmal Innovation Fund to Boost Tunisian Startup

Tunisia’s ANAVA Fund of Funds has invested $4 million in the Rasmal Innovation Fund I, the debut fund of Qatar-based Rasmal Ventures. The commitment is aimed at drawing more international venture capital into Tunisian startups while strengthening cross-border links within the MENA innovation ecosystem.

Rasmal Ventures, founded in 2023, backs startups across Qatar and the wider region from seed to Series B. Its first fund was the initial vehicle selected under the Qatar Investment Authority’s $1 billion Fund of Funds programme and is targeting a final close of $100 million. To date, $30 million has been secured from QIA, corporates, and family offices.

The Rasmal Innovation Fund I focuses on fintech, B2B SaaS, healthtech, and logistics, sectors seen as key drivers of regional growth. By channeling investment into these areas, the fund aims to position startups for broader international reach.

ANAVA, structured as a public–private initiative supported by the World Bank, Germany’s KfW Development Bank, and Tunisia’s Caisse des Dépôts et Consignations, pursues a fund-of-funds approach to scale the country’s startup ecosystem. Its strategy centers on attracting global venture capital managers to Tunisia and embedding local founders into regional and international markets.