Tunisian Startups Raised Just $300,000 in H1 2026

Tunisian startups raised about $300,000 across three transactions in the first half of 2026, according to African Manager, which based its report on Wamda data. Over the same period, startups across the Middle East and North Africa raised $1.7 billion. The gap shows how far Tunisia has fallen behind in regional startup funding.

Tunisian startup funding in H1 2026: the headline number

The $300,000 figure is very small. It is less than 0.02% of the MENA total for the half-year, and roughly a hundredth of the $29.4 million African Manager reports for Moroccan startups.

There is a caveat. The UAE, Saudi and Egyptian figures that African Manager lists alongside Tunisia's ($591 million, $102 million and $72.6 million) match the second-quarter numbers in Wamda's report, not the half-year totals. It is therefore possible that the Tunisia and Morocco figures also cover Q2 only. Wamda's public summary of its H1 report does not mention Tunisia, so we could not check the number directly.

A second tracker comes to a similar conclusion. Launch Base Africa found near-zero disclosed equity deals in Tunisia in H1 2026, against six deals worth about $5.4 million in H1 2025 (see our analysis of the near-zero equity deals). Whatever the exact figure, Tunisian startups raised almost nothing in the first half of 2026.

The MENA picture: a slower region, concentrated in the Gulf

According to Wamda, MENA startups raised $1.7 billion across 242 rounds in H1 2026:

• Total capital fell 18% from $2.1 billion in H1 2025, and the number of deals fell 28%.
• Debt made up 29% of capital raised, down from 44% a year earlier, so equity took a larger share.
• The UAE raised $1.2 billion across 83 deals, about 70% of regional capital. Saudi Arabia raised $259 million across 80 deals, and Egypt $158.9 million across 29 deals.

Money became more concentrated as well. The UAE's total rose 125% year on year, while Saudi Arabia's fell 81%. Investors put money where they saw the clearest exits and the deepest local markets.

Fintech led, but not in Tunisia

Fintech remained the region's top sector, with $708 million across 51 rounds in H1 2026 according to Wamda. Logistics followed with $315 million and proptech with $241 million.

This matters for Tunisia because fintech is one of its most active startup sectors. The country has had a central bank regulatory sandbox since 2020 and a growing number of payment and lending startups. Regional investors were clearly still backing fintech in 2026, but very little of that money reached Tunisia. The sector was not the problem. Tunisia's market conditions were.

Why Tunisia is falling behind

The reasons are mostly familiar:

• Foreign-exchange rules. Tunisia's FX regime still rests on a 1976 law. A December 2025 amendment allows residents to hold foreign-currency accounts, but it depends on central bank circulars that had not been issued by mid-2026, according to Launch Base Africa. See FX code reform.
• Hiring rules. Law No. 2025-9 of May 2025 banned labour subcontracting and made permanent contracts the default, which reduced the flexibility early-stage companies relied on. See the labour reform and startups.
• Thin domestic capital. Morocco's rounds were backed by local banks, holding companies and funds. Tunisia relies more on foreign investors who must structure around local constraints.
• Talent leaving. Launch Base Africa notes that graduate unemployment keeps pushing young Tunisians, engineers included, to Europe and the Gulf.

What it means for Tunisian fintech founders

A good product and a real market gap are not enough to raise money in this environment. In practice, founders are turning to:

• ANAVA-backed funds. The fund of funds has committed €45 million across ten funds, seven focused on Tunisia, according to Launch Base Africa.
• Diaspora and angel investors who know the market and can invest through foreign structures.
• Regional funds willing to invest through a holding company abroad.
• Revenue first. With little equity available, companies that can grow from customer revenue are in a stronger position.

For a longer view of the numbers, see startup funding trends in Tunisia: Tunisian startups raised $39 million across 17 deals in 2025, according to AVCA data reported by African Manager, which makes the 2026 slowdown sharper.

Why it matters

Whether the true H1 figure is $300,000 or a single six-figure deal, the message is the same. Tunisia is close to dropping off the regional funding map, while its neighbours and the Gulf keep attracting capital. Implementing the FX reform and restoring investor confidence are now the most urgent issues for the ecosystem.