The raise comes as the first tranches of the VC firm's fund, which will look to invest in 50 startups at pre-seed and seed stages.
Tunisian VC, 216 Capital Ventures, has announced the raise of $9.6 million in the first tranche of its 216 Capital Fund. With $6.4 million of the sum secured from Smart Capital’s ANAVA Fund of Funds, the firm’s efforts are srt to be channelled into early-stage startups in Tunisia, with an average ticket size of $107K.
“We are very thrilled to be the first of 13 underlying funds that will undoubtedly enrich the investment ecosystem in Tunisia,” said Dhekra Khelifi, Partner at 216 Capital Ventures. “We are also conscious of the purpose we have set for ourselves: to assist innovative firms in the early stages of their development and to be more than just a financing vehicle, but a partner in their success. We are confident, and we have already begun our entry investment phase with two commitments in two businesses in order to send a strong and comforting signal to Tunisian founders and, more importantly, to reposition Tunisia on the radar of international players.”
A sector-agnostic fund, the 216 Capital Fund will look to make pre-seed and seed-stage investments, with a target of 50 startups projected, in addition to foreign startups that employ more than 50% of their staff in Tunisia.