أنافا
ANAVA is a euro-denominated fund of funds managed by Smart Capital under Tunisia's Startup Tunisia programme. It invests in venture funds rather than directly in startups.
Industry: Fund of funds (venture capital) | Location: Tunisia | Founded: 2021
About أنافا
ANAVA is a fund of funds in Tunisia that invests in venture capital funds rather than directly in startups. Wamda reported in October 2023 that it was launched on 23 March 2021 as the first fund of funds in Tunisia and Africa, and Kapitalis later described it as the first euro-denominated fund of funds in Tunisia. The Tunisian government mandated Smart Capital, a management company approved by the Conseil du marché financier, to run it as part of the Startup Tunisia programme. Smart Capital also manages the InnovaTech fund, which invests directly in small and medium-sized companies.
The fund's initial target size is EUR 100 million. The Caisse des Dépôts et Consignations (CDC) is its reference investor with an initial EUR 40 million, which came from a World Bank loan to the Tunisian government under the Startups and Innovative SMEs project. On 1 December 2022 the German development bank KfW signed a EUR 20 million subscription, plus a separate EUR 4 million technical assistance agreement to strengthen Smart Capital's capacity to manage the fund. Wamda and Webmanagercenter reported that this brought the fund to EUR 60 million.
Launchbase Africa reported in February 2025 that ANAVA had committed EUR 45 million across 10 venture funds, seven focused on Tunisia and three on the wider African region, with a goal of more than 13. Funds named as deploying ANAVA capital include 216 Capital Ventures, Go Big Partners, Flat6Labs, Silicon Badia, Janngo Capital and LoftyInc Capital. Wamda reported in October 2023 that ANAVA committed EUR 5 million to Titan Seed Fund I, a deeptech seed fund, and Kapitalis reported on 19 April 2025 a EUR 3.5 million commitment to New Era Fund I, managed by UGFS-VC.
Launchbase Africa also described DEAL 2.0, an investment readiness programme intended to support more than 200 startups, and said 45 startups in 12 African countries had received funding through ANAVA's portfolio funds. In September 2026 TechScoop reported that the Startups and SMEs project, run by CDC with Smart Capital, was taking ANAVA and InnovaTech to Le Kef, Monastir, Gafsa and Zarzis on a regional tour.
Leadership
- Zied Ben Othman, Director of the Fund of Funds, Smart Capital
- Tarak Triki, Managing Director, Smart Capital