Startup Tunisia: Turnover of startups grows despite ongoing difficult context

The 3rd edition of the annual Startup Tunisia report, published Tuesday, shows that 6.7 million dinars have been invested by startups until 2021 with more than 22 investments in 2021, an increase of 900,000 dinars compared to the previous year.

In 2021, the fundraising by Business Angels was carried out by 45 people and 1 network/ They were concentrated up to 57% on startups operating in B2B.

According to Startup Tunisia, the labelled startups achieved a turnover of 120 million dinars in 2021, i.e. an evolution of 67% compared to the previous year. 25% of this consolidated turnover is monopolised by e-commerce. For the ed-tech, business software and AI sectors, they generate 23% with a total consolidated turnover of 24.4 million dinars.

In terms of business models, almost 42% of turnover is achieved in B2B. Europe remains the first destination, after the local market (46%), for selling Tunisian innovation with a share of 22.31%.

According to the same source, 2021 saw the completion of 129 investment operations for a total of 45 million dinars raised locally, and if we add the fundraising carried out by Tunisian startups abroad, this figure reaches 105 million dinars.

In addition, foreign investors are increasingly interested in the Tunisian startup scene, with 32% of foreign investors being European (14%), Middle Eastern (10%), African (6%) and American (2%).

As for foreign founders, the startup ecosystem in Tunisia has managed to attract several international startups, despite a difficult local context. Thus, 33 startups are founded or co-founded by foreigners, with a predominance of European nationalities (65.5%) and founders from the MENA zone (14.5%).

With regard to the support of startups, the report reveals that the ecosystem is evolving and consolidating. As an example, the Flywheel programme has supported more than 40 organisations in 2021 with 22 AIR grants, 11 AIR² grants and 10 DEAL grants.

Note that the Startup Tunisia report, published annually by Smart Capital, is supported by Innov’i – EU4 Innovation implemented by Expertise France and funded by the European Union.


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