Tunisian startup accelerator and early-stage fund Anava Seed Fund will receive an equity investment of $1 million from the International Finance Corporation (IFC), stemming from the World Bank.
Half of the money is being provided by the Women Entrepreneurs Finance Initiative (We-Fi), a partnership among governments, multilateral development banks, and other public and private sector stakeholders, hosted by the World Bank Group. We-Fi supports women entrepreneurs in developing countries by building their capacity, scaling up access to financial products and services, and providing links with global markets, menabytes reports.
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 TND 6 million in 28 innovative African start-ups.