Tickets
AMOUNTS RANGING UP TO €15M
The Fund of Funds will invest between €7.5 and €15 million, with an equity stake ranging from 20% to 75% depending on the maturity stage addressed by the child-fund.
Anava
Our fund of funds dedicated to startups
The ANAVA fund of funds is a crucial element in creating a better investment framework. It will enable many players in the innovative entrepreneurship ecosystem to access the financing they need to grow.
The Fund of Funds has a target size of €100 million, and aims to invest in over 13 investment funds dedicated to startups at every stage of development (Seed Stage, Early Stage and Late Stage).
The fund-of-funds strategy focuses on several stages of startup maturity, in order to diversify risk and maximize performance on a large scale.
It should be noted that this Fund of Funds is part of a national program, Startup Tunisia, whose management is entrusted to Smart Capital and which has 3 main axes:
- Startup Act : A unique legal framework dedicated to Startups launching or setting up in Tunisia.
- Startup Invest : A new investment framework dedicated to startups, built around a Fund of Funds with a target size of €100 million, supported by a GP incubator (management company) and a Startup Guarantee Fund.
- Startup Ecosystem : A support framework for ecosystem support organizations (SSOs) and startups, focusing on funding, animation and international connections.
Selection criteria
A PLEDGE OF QUALITY
The selection of suitable management companies will depend on 6 major criteria:
Independence of teams
Management teams must be shareholders in their management company, to ensure independence of management and alignment of interests.
Anchoring in Tunisia
Management companies of Seed Stage and Early Stage funds must be incorporated under Tunisian law, while Late Stage funds will be required to open an office in Tunisia.
Strategic partner
Requirement of a strategic partner for seed and early-stage funds to enable optimal transfer of know-how and financed startups.
Fund matching
The management company must provide evidence of its ability to successfully complete the fundraising process, including letters of intent for fund matching.
Competent teams and a quality track-record
Skilled teams with complementary profiles (entrepreneurs, investors, ecosystem, etc.), ideally with international exposure and quality experience, are appreciated. First-time teams and funds are encouraged.
Legal form
The management company must be incorporated under Tunisian law and approved by the Conseil des Marchés Financiers. For late stage funds, the management company may be incorporated under foreign law, provided it has an office in Tunisia.
Methods of intervention
RATIONAL & LONG-TERM APPROACH
The fund-of-funds strategy is based on several stages of startup maturity, in order to diversify risk and maximize large-scale performance.
Seed Stage
Early Stage
Late Stage
Positioning
Pre-Seed & Seed
Series A
Series B & C
Minimum fund size
5 M€
10 M€
50 M€
Fund currency
EUR ou TND
EUR ou TND
EUR ou USD ou TND
Legal form of fund
Specialized Investment Fund (FIS) under Tunisian law
Specialized Investment Fund (FIS) under Tunisian law
Specialized investment fund under Tunisian law or equivalent fund under foreign law
Geographical anchoring
Investment in startups whose main activity is in Tunisia: they must have a base in Tunisia (parent company or subsidiary in Tunisia) with more than 50% of the consolidated workforce based in Tunisia.
Investment in startups whose main activity is in Tunisia: they must have a base in Tunisia (parent company or subsidiary in Tunisia) with more than 50% of the consolidated workforce based in Tunisia.
Investment in innovative companies whose main activity is located in Tunisia, with a leverage effect of 1.5x the Fund of Funds’ investment in late-stage funds.
Fund lifetime
12 + 2 yrs
10 + 2 yrs
10 + 2 yrs
Maximum participation
75%
50%
20%
Maximum ticket
7,5 M€
10 M€
15 M€
Seed Stage
Positioning
Pre-Seed & Seed
Minimum fund size
5 M€
Fund currency
EUR or TND
Legal form of fund
Specialized Investment Fund (FIS) under Tunisian law
Geographical anchoring
Investment in startups whose main activity is in Tunisia: they must have a base in Tunisia (parent company or subsidiary in Tunisia) with more than 50% of the consolidated workforce based in Tunisia.
Fund lifetime
12 + 2 yrs
Maximum participation
75%
Maximum ticket
7,5 M€
Early Stage
Minimum fund size
10 M€
Fund currency
EUR or TND
Legal form of fund
Specialized Investment Fund (FIS) under Tunisian law
Geographical anchoring
Investment in startups whose main activity is in Tunisia: they must have a base in Tunisia (parent company or subsidiary in Tunisia) with more than 50% of the consolidated workforce based in Tunisia.
Fund lifetime
10 + 2 yrs
Maximum participation
50%
Maximum ticket
10 M€
Late Stage
Positioning
Series B & C
Minimum fund size
50 M€
Fund currency
EUR, USD or TND
Legal form of fund
Specialized investment fund under Tunisian law or equivalent fund under foreign law
Geographical anchoring
Investment in innovative companies whose main activity is located in Tunisia, with a leverage effect of 1.5x the Fund of Funds’ investment in late-stage funds.
Fund lifetime
10 + 2 yrs
Maximum participation
20%
Maximum ticket
15 M€
Team & governance bodies
END-TO-END EXPERTISE
The Fund of Funds, managed by Smart Capital teams, is built around a solid, experienced operational core and a diverse, impartial and internationally experienced investment committee.
Management team
Alaya Bettaïeb
General Manager
Zied Ben Othman
Director, Fund of Funds
ines zekri
Investment officer
Investment Committee
The Investment Committee is the independent, autonomous body responsible for analyzing investment opportunities and ensuring the fund of funds’ good governance.
It comprises 5 members, including the Managing Director of Smart Capital and 4 independent VC/PE experts from the private sector. Members’ terms of office are 4 years, and decisions are taken unanimously minus 1 member.
The Investment Committee is involved in investment and divestment decisions for the ANAVA fund of funds.
Selection process
4 STEPS, MAXIMUM TRANSPARENCY
Submission of the management company’s file
Following an initial discussion with Smart Capital’s management team, the management company prepares and submits its application in line with the Fund of Funds’ eligibility criteria.
Initial assessment of investment opportunity
Examination of the suitability of the investment opportunity in relation to Smart Capital’s environmental and social (ESG) procedures.
Due diligence of the business relationship with regard to the fight against money laundering and the financing of terrorism (AMLATF).
Due diligence
In-depth analysis of the following aspects of the project: management team, investment strategy, past performance, nature of deal flow, management company ownership and governance, fund terms and conditions, positioning and competitive environment, ESG policy, before submission to the investment committee.
Investment Committee
The investment committee makes an independent decision on the investment opportunity.
Portfolio
DISCOVER THE FUND’S INVESTMENTS
BIF II Fund
5 200 000 €
NON BROKERED PRIVATE PLACEMENT
MAY 2022
216 Capital Fund I
6 000 000 €
NON BROKERED PRIVATE PLACEMENT
AUGUST 2022
Have a question? A file to submit?
CONTACT THE FUND OF FUNDS TEAM
To submit your application for investment by the Fund of Funds, please click on the following link:
To request information or contact the management team, please send an email to : opportunites@startup.gov.tn
