Near-Zero Equity Deals: Tunisia's Startup Drought in H1 2026

Tunisia's startup equity market went almost silent in the first half of 2026. According to a Launch Base Africa analysis published on 29 July 2026, no sizeable disclosed equity round closed in the country between January and June, compared with six disclosed deals worth about $5.4 million a year earlier. The publication blames a restrictive labour law, foreign-exchange rules that are only starting to change, and a weak economy.

Near-zero equity deals in H1 2026: what the data shows

Launch Base Africa's headline speaks of "near zero" equity deals rather than none. The only disclosed equity investment it records for the period is a six-figure investment by 216 Capital in RoboCare, a Sfax-based agritech startup. Wamda reported that deal on 23 June 2026 without giving the amount. RoboCare, founded in 2020 by Imen Hbiri, builds an AI precision-agriculture platform for olive, cereal and tomato growers.

The comparison with 2025 is stark. In H1 2025, Launch Base Africa counted six disclosed deals worth roughly $5.4 million. These included a $3.5 million round for water-harvesting company Kumulus and smaller raises by Dabchy, GENOW, EasyBank and Pixii Motors.

Other trackers use different methods. African Manager, citing Wamda data, reported that Tunisian startups raised about $300,000 across three transactions over the same period (see our analysis of that figure). Both sources describe the same thing: equity funding in Tunisia came close to stopping.

The labour law that changed hiring for startups

The first factor Launch Base Africa points to is the labour code reform. Law No. 2025-9, adopted by parliament in May 2025 and published in the official journal (JORT) on 23 May 2025, bans labour subcontracting and makes the open-ended contract (CDI) the default. Fixed-term contracts that do not fit the narrow cases allowed by the law are converted into permanent contracts.

Many young tech companies had used subcontracted or fixed-term staff to grow teams without long-term commitments. With those options gone, payroll became less flexible and runways shorter. The most visible effect was Adecco's exit: after 23 years in Tunisia and more than 100,000 placements, the staffing group said in August 2025 it would leave the market by the end of October. For details on what the law means for hiring, see our guide to the labour reform.

FX reform: approved on paper, waiting for rules

The second factor is foreign exchange. Until December 2025, Tunisian residents could not legally hold foreign-currency bank accounts. On 2 December 2025, parliament approved an amendment to the 2026 Finance Law allowing them to do so, by 69 votes to 17 with 17 abstentions. A similar proposal had been rejected in November 2024.

The change mainly helps individuals such as freelancers paid from abroad. It is not a full liberalisation of capital flows: the 1976 foreign-exchange law remains in force, and the central bank must issue circulars setting caps, eligibility rules and compliance checks. According to Launch Base Africa, those circulars had not been issued by the end of H1 2026, so the reform did not yet help investors or founders in practice. Read more in our explainer on the FX code reform.

The economic backdrop

Investors also face a weaker macro picture. Launch Base Africa cites economist Ridha Chkoundali, who estimates that Tunisia's investment rate fell from an average of 20% of GDP in 2015–2019 to 8% in 2023. The publication also points to food inflation running well above headline inflation, graduate unemployment pushing young people to emigrate to Europe and the Gulf, and political uncertainty five years after President Kais Saied suspended parliament.

Morocco's contrast: domestic capital

Over the same six months, Morocco recorded more than $30 million across eight disclosed rounds, according to Launch Base Africa. They include a $15 million Series A for proptech Yakeey, backed by Enza Capital, IFC, Beltone VC and CDG Invest, and a $4 million round for WafR. The Azur Innovation Fund took part in four deals.

The lesson Launch Base Africa draws is about local money. Moroccan banks, holding companies and state-backed investors are writing cheques at home, while Tunisian startups depend more on foreign investors who must work around local rules. See our profile of Morocco's fintech scene.

What Tunisian founders can still use

Some capital remains available:

• ANAVA Fund of Funds: the $60 million vehicle has committed €45 million across ten funds, seven of them focused on Tunisia, according to Launch Base Africa.
• Local seed funds: 216 Capital's investment in RoboCare shows that Tunisian seed funds are still investing, if slowly.
• Foreign structures: many founders still raise through holding companies abroad, which adds cost but makes international rounds possible.

Why it matters

A half-year without meaningful disclosed equity deals does not mean Tunisia has run out of good companies. It shows how sensitive a small market is to policy. A reversal will probably require several things at once: implementing circulars for the FX reform, clearer hiring options for early-stage companies, and investor confidence that takes longer than one law to rebuild.