Anava Fund of Funds, managed by Tunisia-based Smart Capital, has committed $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.
The Tunisia-based investment body has a €100 million target (with the first close of €40 million fully subscribed by Caisse des Dépôts et Consignations (CDC)) and plans to participate in over 13 private equity funds. Anava is one of the three pillars of the national program Startup Tunisia that is managed by Smart Capital. which also includes Startup Act (incentives), Startup Ecosystem (support for support structures), and Startup Invest (financing program that includes Anava).
Silicon Badia, which has offices in both the United States and the Middle East, has invested in over 80 technology firms in over 15 industries and cities worldwide. BIF2, its second regional fund, is a sector fund that invests in Series A and Series B ICT startups in Egypt, Jordan, Tunisia, Morocco, and Lebanon.
Notably, BIF2 completed its first closing in October 2020, bringing together, among other prestigious institutional LPs, the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the Dutch Good Growth Fund (DGGF), and Finance in Motion (FIM). Anava’s contribution is part of the second close of the Fund, and 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.
Commenting on the investment, Alaya Bettaieb, CEO of Smart Capital 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.”
Fawaz Zu’bi, CEO of Silicon Badia on his part said the investment is a crucial strategic step in their efforts to grow their presence in North Africa. “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.”