Smart Capital

What Smart Capital does

Smart Capital SA is a Tunisian asset management company established in 2020 and authorized by the Conseil des Marchés Financiers (CMF) to implement the national Startup Tunisia initiative on behalf of the Tunisian government. The company is structured as 'public in its shareholding, private in its management' and operates from its headquarters at Immeuble Saphir, Avenue du Dinar, les Berges du Lac 2, 1053 Tunis. Its mandate is to channel institutional capital into the Tunisian and regional startup and SME ecosystem through three distinct fund vehicles: ANAVA, a euro-denominated Fund of Funds (target €100M, €60M initial close) investing in 13+ child VC funds; Innovatech, a Specialized Investment Fund (FIS) targeting TND 125M for direct equity/quasi-equity investments of TND 1M–TND 7M in innovative Tunisian SMEs; and COINNOV, a Research, Development and Innovation grant fund supporting 40 collaborative projects (20 in environmental sustainability), co-funded by BMZ and the EU and implemented by GIZ. Smart Capital also implements the broader Startup Tunisia national program encompassing the Startup Act (regulatory framework), Startup Invest (investment framework), and Startup Ecosystem support pillars.

Smart Capital's business model combines recurring subscription-style fund management fees on AUM (ANAVA, Innovatech) with managed services revenue from grant administration (COINNOV) and carried interest on investment exits. The capital base is anchored by CDC (€40M via World Bank loan) and KfW (€20M, plus €4M technical assistance) for ANAVA, with the World Bank providing a $75M loan for the broader 'Start-up and Innovative SMEs' project (of which $17M was earmarked for Innovatech and $3M for SME support). Distribution runs through direct portal applications, the Startup Tunisia program, and ecosystem partners including Joussour Invest, ATT (Tunisia Technoparks Association), SPARK, and Double Feather Partners. ANAVA has deployed €38.7M+ across nine child fund commitments (216 Capital I & II, BIF II, Titan Seed Fund I, Janngo Capital, GO Live, Loftlync Alpha, Tunisia Seed Fund II, NEW ERA Fund I, and Rasmal Innovation Fund I).

The team is small (~9 named professionals) and includes a Managing Director (currently Tarek Triki as Acting Managing Director; previously Alaya Bettaieb from February 2021), a Director of Fund of Funds (Zied Ben Othman, joined March 2022), a Fund Director for Innovatech (Sarra El Mokhtar), Investment Officers, an Office Manager, Startup Program Officer, Senior B.O. Officer, and a Program Manager for the Flywheel ecosystem program. ANAVA targets at least 350 startups at various development stages over 5 years through its child funds; Innovatech targets 40–50 SMEs in the development phase; COINNOV supports 40 innovation projects. The company does not develop proprietary technology products — its proprietary capabilities lie in fund structuring, ESG evaluation, investment management, and ecosystem orchestration.

Name

Smart Capital

Legal name

Smart Capital SA

Website

https://smartcapital.tn

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Smart Capital is a CMF-authorized Tunisian asset management company implementing the national Startup Tunisia program, managing the ANAVA Fund of Funds (€100M target), the Innovatech direct investment fund (TND 125M target), and the COINNOV grant program to fund startups and SMEs.

Ownership category

akta.pro rank

Product category

Asset Management / Fund Management

NAICS

Funds, Trusts, and Other Financial Vehicles (525), Other Investment Pools and Funds (5259), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282), Miscellaneous Business Credit Institution (6159)

akta.pro primary industry

Venture Capital Fund-of-Funds (FSANAGAC)

akta.pro secondary industries

SME Term Loans & Growth Capital (FSAKAGAB), SDG / Thematic Sustainable Investment Funds (FSANAJAN)

Keywords

• Fund of funds management
• Venture capital management
• Private equity investment
• Asset management services
• Startup ecosystem development

Headquarters

HQ city

Tunis

HQ country

Tunisia

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Fund Management Fees: Smart Capital generates revenue through management fees charged on the funds it manages, including the ANAVA fund of funds and the Innovatech direct investment fund. As an authorized asset manager regulated by the Financial Market Council (CMF), the company earns recurring management fees based on assets under management, as well as carried interest or performance-related compensation on investment exits.
2. COINNOV Grant Administration: COINNOV, managed by Smart Capital with technical support from the Tunisia Technoparks Association (ATT), provides technical and financial support in the form of grants to 40 innovation projects. Smart Capital administers this program as part of the PACE-AMIT component of the CQE project, funded by BMZ and the European Union, implemented by GIZ.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Smart Capital is a CMF-authorized asset management company that manages three investment vehicles for the Tunisian innovation ecosystem: the ANAVA fund-of-funds (€100M target investing in 13+ VC child funds), the Innovatech direct investment fund (125 MDT targeting 40–50 innovative SMEs), and the COINNOV grant fund (supporting 40 collaborative innovation projects). The company also implements the Startup Tunisia national program on behalf of the Tunisian government, providing equity, quasi-equity, and grant-based financing along with governance participation in portfolio companies.

Product overview

Smart Capital is a management company authorized by the Conseil des Marchés Financiers (CMF) that operates a multi-fund investment platform. Its core offerings consist of three distinct funds: ANAVA (a fund of funds targeting €100M to invest in 13+ VC funds across startup development stages), Innovatech (a 125 MDT fund investing directly in innovative SMEs), and COINNOV (a grant-based R&D&I fund supporting 40 innovation projects). Smart Capital also implements the national Startup Tunisia program, which encompasses the Startup Act, Startup Invest, and Startup Ecosystem frameworks. The funds target different market segments including pre-seed/seed startups (via child funds), growth-stage SMEs, and collaborative innovation projects.

Differentiator

Problem solved

Functional benefit

Brands

• ANAVA: Tunisia's first euro-denominated Fund of Funds, part of the Startup Tunisia national initiative, targeting €100 million to invest in 13+ child venture capital funds covering seed, early, and late-stage startups.
• INNOVATECH
• COINNOV
• Startup Tunisia

Products and services

• ANAVA Fund of Funds A euro-denominated Fund of Funds with a €100M target investing in 13+ child VC funds covering Seed (Pre-Seed & Seed, min €5M), Early (Series A, min €10M), and Late (Series B & C, min €50M) stages in Tunisian startups. ANAVA invests €7.5M–€15M per child fund with 20–75% equity stakes depending on stage.
• Innovatech Fund A Specialized Investment Fund (FIS) with a 125 MDT target investing directly in Tunisian innovative SMEs in the development phase (2+ years old, <200 employees). Tickets range TND 1M–TND 7M per company with target exposure of 15–40% of capital across edtech, healthtech, fintech, greentech, agritech, manufacturing, ICT, big data, media, and e-commerce. Investment period 5–7 years, targeting 40–50 SMEs.
• COINNOV Fund A grant-based Research, Development and Innovation fund providing technical and financial support in the form of grants to 40 innovation projects developed by SMEs in cooperation with a private or public service provider, 20 of which target environmental sustainability improvements. Funded by BMZ and the EU through GIZ under the PACE-AMIT component of the CQE project.
• Startup Tunisia National Program The national startup program implemented by Smart Capital on behalf of the Tunisian government, comprising three pillars: Startup Act (legal/regulatory framework), Startup Invest (investment framework built around the ANAVA fund of funds), and Startup Ecosystem (support framework for ecosystem organizations).

Named customers9 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor and core.

• EfinominorImplementation/ SI/ Consulting Partner · 5 May 2023Efino was awarded the contract for the Business Angel Activation – Capacity Building Program, financed by the EU and implemented by Smart Capital in partnership with SPARK. The program aims to equip Business Angels in Tunisia with skills to source deal flow and close deals.
• SPARKminorStrategic or Co-development Partner · 5 April 2023SPARK is an international NGO that partnered with Smart Capital for the Business Angel Activation Project, funded by the European Union as part of the 'From Innovation to Creation' programme, aimed at catalyzing angel investing in Tunisia's startup ecosystem.
• Double Feather Partners (DFP)minorStrategic or Co-development Partner · 5 September 2022Smart Capital signed a MoU with Japanese VC firm Double Feather Partners at TICAD 8 to identify synergies, coordinate acceleration programs, create ecosystem connections, and leverage networks for Tunisian innovation actors in Japan and Africa.
• Tunisia Technoparks Association (ATT)coreStrategic or Co-development PartnerATT provides technical support to Smart Capital for the COINNOV fund, assisting in evaluating and supporting innovation projects developed by SMEs in cooperation with service providers.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• New Era Capital Partners: MENA-focused early-stage VC fund manager (NEW ERA Fund I) and ANAVA child fund partner ($3.5M commitment). Comparable as a regional GP investing in early-stage technology startups with similar LP dynamics.
• GO BIG Partners: Tunisian VC fund manager (GO Live Fund, €8M) and ANAVA child fund partner (€4.5M commitment). Directly comparable as a domestic sector GP targeting B2B startups in AgriTech, CleanTech, BioTech, HealthTech, and Cyber Security.
• 216 Capital Ventures: Tunisian VC fund manager (216 Capital Fund I and II) and ANAVA's first and largest child fund commitment (€6M + €2.5M). Operates as a pre-seed/seed specialist investing in Tunisian startups, directly comparable as a Tunisia-focused VC GP partnering with Smart Capital's FoF.
• SAGES Capital: Tunisian VC founded by Alaya Bettaieb, the former Director General of Smart Capital. Highly comparable as a Tunisia-focused VC/PE manager with overlapping leadership pedigree and similar investment thesis in innovative Tunisian SMEs.
• Medin Fund Management Company: Manager of Titan Seed Fund I (€10M target), the first Deep Tech focused fund in North Africa, and ANAVA child fund partner (€5M commitment). Comparable as a specialized Tunisian VC GP with deep-tech sector focus.
• Silicon Badia: MENA-focused VC fund manager (Badia Impact Squared Fund II) and ANAVA child fund partner ($5.2M commitment). Comparable as a regional sector GP investing in Series A/B startups across Egypt, Jordan, Tunisia, Morocco, and Lebanon.
• Loftlync: Tunisian early-stage VC fund manager (Loftlync Alpha Fund) and ANAVA child fund partner (€2.5M commitment). Operates as a domestic early-stage GP with overlapping investment thesis and LP relationship to Smart Capital.
• Janngo Capital: Pan-African VC fund manager (Janngo Capital Startup Fund) and ANAVA child fund partner (€4M commitment). Operates a comparable gender-equal technology fund investing across francophone Africa including Tunisia, sharing the FoF-as-LP relationship with Smart Capital.

Broad incumbents

• FMO (Dutch Entrepreneurial Development Bank): Dutch DFI investing in private sector growth across developing markets, including fund-of-funds commitments to African VC managers. Comparable as a larger, established DFI operating in the same LP-to-GP ecosystem that Smart Capital's ANAVA fund of funds inhabits.
• Proparco: French development finance institution (DFI/Agence Française de Développement group) investing across Africa. Comparable as a broader DFI that similarly provides fund-of-funds commitments and direct equity to African venture and growth funds, including some of Smart Capital's peers.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/smartcapitalhq
• LinkedInlinkedin.com/company/smart-capital-hq

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Smart Capital