Smart Capital, the manager of the Anava fund of funds, has invested $5,2 million to the Badia Impact Squared Fund (BIF2), a venture capital fund managed by Silicon Badia, a pioneering venture capital firm that invests in early-stage and growth-stage technology firms operating globally.
Anava is one of the three pillars of the national programme Startup Tunisia, which also consists of Startup Act (incentives), Startup Ecosystem (support for support structures), and Startup Invest (financing programme including Anava), the management of which is delegated to Smart Capital.
Smart Capital CEO Alaya Bettaieb said: “We are thrilled to be able to assist Silicon Badia with their second close. This investment arrives at a key time for Tunisian businesses seeking capital and skills to go beyond the country’s borders. In addition, this partnership will contribute to the diversification and expansion of Anava’s portfolio.”
Anava has a goal size of €100 million (with a first closure of €40 million fully subscribed by Caisse des Dépôts et Consignations (CDC)) and intends to participate in more than 13 private equity funds.
Silicon Badia, which has offices in the United States and the Middle East, has invested in over 80 technology firms in over 15 industries and cities worldwide. Its second regional fund, BIF2, is a sector fund that invests in ICT startups in Egypt, Jordan, Tunisia, Morocco, and Lebanon at the Series A and Series B stages.
BIF2 completed its first closure in October 2020, bringing together the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), the Dutch Good Growth Fund (DGGF), and Finance in Motion, among other prestigious institutional LPs (FIM).
Anava’s contribution is part of the second close of the Fund, in which 15 percent of its commitment will be given to Tunisia-based Startups. BIF2 made its initial investment in the Tunisian fintech business Expensya in November 2020, when it co-led the company’s $20 million Series B fundraising.
Silicon Badia CEO Fawaz Zu’bi said, “We regard Anava’s investment in our second regional fund as a crucial strategic step in our efforts to grow our presence in North Africa, which is now solidified to include Tunisia. Our Fund has already made its first investment in Tunisia’s thriving innovation environment, where we are enthusiastic and eager to create bridges and invest.”