IFC injects $1 million in Tunisian Anava Seed Fund
The deal will support small businesses.
Tunisian startup accelerator and early-stage fund Anava Seed Fund will receive an equity investment of $1 million from the International Finance Corporation (IFC), the World Bank’s private arm.
Half of the money ($500,000) will be provided by the Women Entrepreneurs Finance Initiative (We-Fi), a program hosted by the World Bank Group which empowers women-led businesses in developing countries. The second half is coming from the IFC.
The new investment is part of the $30 million “Startup Catalyst” initiative that supports seed funds in emerging markets. It is expected to increase Anava Seed Fund's capital to $10 million, enabling it to support the growth of at least 100 technology companies over the next few years.
Between 2016 and 2018, Flat6Labs Tunis, the manager of Anava Seed Fund, invested more than $1 million in 28 innovative African start-ups.
“We believe that our partnership with IFC will enable us to continue providing entrepreneurs with a better support program and encourage more candidates, especially women, to apply and thrive through it,” said Ramez El-Serafy, chief executive officer (CEO) at Flat6Labs.
Georges Joseph Ghorra, IFC’s resident representative in Tunisia, said early-stage funding was vital to building a robust startup ecosystem and helping entrepreneurs establish companies that can develop innovative solutions and create jobs.
“We aim to address the funding gaps in this space, especially for women entrepreneurs, to continue to spur innovation and economic growth in Tunisia and the region,” he said.