Tunisia’s UGFS-VC Raises $7.5M for New Era Fund I, Backing Series A Tech Startups

Tunisia’s venture capital landscape is charting new ground as United Gulf Financial Services Venture Capital (UGFS-VC) announces the first close of its early-stage investment vehicle, New Era Fund I, securing €7 million (approximately $7.5 million) of its €15 million ($17 million) target. The milestone is underscored by a €3.5 million commitment from the ANAVA Fund of Funds, a key public-private initiative backed by the World Bank, Germany’s KfW Development Bank, and Tunisia’s Caisse des Dépôts et Consignations (CDC).

Launched to catalyze investment into Tunisia’s growing innovation economy, New Era Fund I is designed to back Series A technology startups across three critical sectors: artificial intelligence, biotechnology, and green technologies. Managed by UGFS-VC — an experienced Tunis-based asset manager with a track record spanning over 100 startup investments — the fund signals growing institutional confidence in Tunisia’s early-stage tech sector.

“The first close of New Era Fund I is a strong signal to the market,” said a spokesperson for UGFS-VC. “With ANAVA’s backing, we are now well-positioned to deploy capital into startups tackling complex challenges with bold innovation.”

For ANAVA, the €3.5 million investment in New Era Fund I aligns with its broader objective: to strengthen Tunisia’s startup ecosystem through catalytic investments in local venture capital funds. With a €100 million target size, ANAVA is Tunisia’s first euro-denominated Fund of Funds, managed by Smart Capital, the government-designated operator of the national Startup Tunisia initiative.

The Fund of Funds model is designed to address structural funding gaps by channeling public and development finance into professionally managed VC funds. ANAVA’s initial €60 million close was underwritten by €40 million from CDC Tunisie, supported through a World Bank loan, and €20 million from KfW. These capital commitments are intended to support both seed and growth-stage investments, helping startups move beyond early traction toward scale.

Since its inception, ANAVA has committed over €45 million across 10 venture capital funds, with the goal of investing in at least 13. Seven of these funds are exclusively Tunisia-focused, while the others have regional mandates across North and Sub-Saharan Africa.

Founded in 2008, UGFS-VC is a subsidiary of United Gulf Financial Services-North Africa and a recognized pioneer in Tunisia’s venture capital space. With over 15 years of experience and 20 funds structured, UGFS-VC manages assets totaling 240 million Tunisian dinars ($80 million). Its integrated investment model is designed to nurture startups from inception through scale, placing emphasis on ecosystem engagement and sustainable company-building.

The launch of New Era Fund I marks a strategic pivot toward more focused, thesis-driven capital deployment in high-growth sectors. The fund’s €15 million target is modest by global standards but significant within the Tunisian and regional context, especially for startups navigating the post-seed financing gap.

The broader ANAVA platform is assembling a constellation of VC funds that vary in size, strategy, and geographic reach. Among them:

• 216 Capital Ventures, based in Tunis, invests in early-stage startups like eSteps and Proxalys.
• MEDIN Fund Management oversees the TITAN SEED FUND I, aimed at linking North African startups with global markets.
• Flat6Labs, one of MENA’s most active seed investors, recently launched a $95 million fund to support 160 startups across the region.
• Go Big Partners, Silicon Badia, Janngo Capital, and LoftyInc Capital all contribute to ANAVA’s diverse portfolio, which extends well beyond Tunisia’s borders.

To date, ANAVA-backed funds have deployed capital into 45 startups across 12 African countries, including Nigeria, Egypt, Kenya, and Senegal — highlighting Tunisia’s emerging role as a regional venture capital bridge.

Source: Launch Base Africa