Venture Capital in Tunisia: Who Invests in Startups (2026)

Venture capital in Tunisia is a small market. A handful of local seed funds, most of them backed by the ANAVA fund of funds, do most of the deals, and regional, European and corporate investors join the larger rounds. This guide covers who is investing in Tunisian startups as of 2026, typical ticket sizes and what these investors have backed.

The Tunisian venture capital landscape in brief

According to the Startup Genome 2025 report, cited by La Presse, Tunisia had ten active venture capital funds. Startups raised a little over $24 million across 11 deals in 2024. AVCA data put 2025 at $39 million across 17 deals, ranking Tunisia 7th in Africa. Early 2026 was much weaker (see funding trends).

Most local funds draw capital from ANAVA, the €60 million (first close) fund of funds managed by Smart Capital and financed by the CDC, through a World Bank loan, and by KfW (see ANAVA explained). So when you pitch a Tunisian seed fund, you are often pitching a manager that also reports to ANAVA.

Local seed and early-stage funds

216 Capital Ventures

Probably the most active local investor in 2025–2026. 216 Capital Fund I had a first close of €9 million, with up to €6 million from ANAVA. It is a generalist fund that targets about 50 pre-seed and seed startups, with average tickets of about €100,000, including foreign startups with more than half their staff in Tunisia. Deals reported by Wamda include Juridoc.tn (with Go Big Partners), Addvocate.AI, insurtech EYST and agritech RoboCare. In September 2025 it launched an accelerator with Plug and Play that offers up to 20 startups €50,000 each.

Go Big Partners

Manages the Go Live Fund: €8 million, first close of €6 million, and €4.5 million from ANAVA. It targets 36 early-stage B2B startups in sectors such as agritech, cleantech, biotech, healthtech and cybersecurity.

Medin Fund Management

Licensed by the CMF in November 2022. Manages Titan Seed Fund I (about 10 million), which presented itself as North Africa's first seed fund dedicated to deep tech. It plans to back roughly 20 startups with tickets of €300,000–650,000 to prepare them for a Series A. Titan was one of the investors in Thunder Code, the new company from Expensya's founders.

Flat6Labs Tunis

Active in Tunisia since 2017, with support from BIAT, Meninx Holding and TAEF. Its programme offers up to TND 200,000, with a possible follow-on of TND 200,000–800,000. The earlier Anava Seed Fund (TND 30 million, backed by the IFC, BIAT and others) planned to back up to 90 startups, and Tunisia Seed Fund II was launched with Smart Capital in 2024. Fintech is one of its target sectors.

UGFS North Africa

A long-standing Tunisian fund manager whose venture arm, UGFS-VC, launched New Era Fund I: €15 million target, €7 million first close, €3.5 million from ANAVA, aimed at Series A companies in AI, biotech and green tech. UGFS led the pre-seed round of fintech/insurtech PAYDAY in October 2025.

AfricInvest

Mainly a pan-African private equity firm, but it led InstaDeep's $8.5 million Series A in 2019. It is the best-known example of a large local investor backing an early Tunisian tech company.

Regional and pan-African VCs

• Silicon Badia: Expensya's first investment from its BIF2 fund (2021 Series B, with MAIF Avenir), and later Thunder Code. ANAVA committed $5.2 million to BIF2.
• Janngo Capital: led Dabchy's pre-Series A in 2025 and invested in Thunder Code. ANAVA committed €4 million to its Startup Fund, which covers French-speaking Africa.
• LoftyInc Capital: a fintech-focused firm from Nigeria (an early Flutterwave investor), backed by ANAVA with $2.5 million in 2025.
• Rasmal Ventures: a Qatar-based seed fund for fintech, B2B SaaS and healthtech, which received $4 million from ANAVA in September 2025.

Corporate and strategic investors

For fintechs in particular, strategic investors can be as important as VCs. Konnect Networks' May 2025 round included Attijariwafa Ventures, the venture arm of the Moroccan banking group, and Konnect had earlier joined Visa's Africa Fintech Accelerator, run with Plug and Play. European funds such as Plus VC (which led Kumulus Water's $3.5 million seed round in 2025), ISAI and Seventure (earlier Expensya backers) show that French investors will back Tunisian-founded companies, often through a French holding company.

How to approach Tunisian VCs

• Match stage and ticket. Pre-seed: accelerators and 216 Capital. Seed (€300,000–650,000): Titan, Go Live, Flat6Labs follow-on. Series A: New Era, regional funds, European co-investors.
• Check where they can invest. Pan-African funds may only put part of their capital into Tunisia. Ask early whether they can still invest in Tunisia.
• Show the regulatory route. For payments, lending or e-money, investors will ask about licensing (see payment institution licensing).
• Plan your structure. Many founders with international ambitions create a holding company in France or the UK, as Expensya and InstaDeep did, to make foreign investment easier. Discuss this with lawyers early (see our fundraising guide).

Why it matters

Tunisia now has more active VC managers than ever, but the amounts are small and 2026 has been slow. Founders who know which funds fit their stage, sector and structure will save months of pitching.