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Home Startups Tunisia’s 216 Capital Ventures raises $9.6 million in its first fund close.

Tunisia’s 216 Capital Ventures raises $9.6 million in its first fund close.

by Weddy Thuranira
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Smart Capital, the management company of the ANAVA fund of funds, has announced a subscription of up to 6 million Euros (USD6.4M) to 216 Capital Fund I, the first underlying fund of ANAVA and the first specialized investment fund (SIF) managed by 216 Capital Ventures.

216 Capital Fund I is a generalist fund that aims to invest primarily in pre-seed and seed stage startups with average ticket sizes of 100,000 Euros. Its initial closing is for 9 million Euros. The fund will invest in about 50 Tunisian startups as well as foreign startups with more than half of their workers based in Tunisia.

“This initial investment marks the introduction of the ANAVA fund of funds into its investment phase, following just over a year of its debut,” said Alaya Bettaeb, Managing Director of Smart Capital. “The fund of funds intends to invest in at least 13 investment funds dedicated to financing at least 350 companies at various stages of development during the next five years (seed, growth and international expansion).”

“We are very thrilled to be the first of 13 underlying funds that will undoubtedly enrich the investment ecosystem in Tunisia,” said Dhekra Khelifi, Partner at 216 Capital Ventures. “We are also conscious of the purpose we have set for ourselves: to assist innovative firms in the early stages of their development and to be more than just a financing vehicle, but a partner in their success. We are confident, and we have already begun our entry investment phase with two commitments in two businesses in order to send a strong and comforting signal to Tunisian founders and, more importantly, to reposition Tunisia on the radar of international players.”

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