Tunis: The fund of funds "ANAVA" announced on Monday its commitment to invest pound 4 Million in Janngo Capital Startup Fund (JCSF), Africa's largest gender equal technology fund and Janngo Capital Partners' second investment vehicle. With a target size of pound 60 million, the fund commits to invest in about twenty-five startups in francophone Africa, including Tunisia, targeting early-stage tech and tech-enabled startups that enable Africans to improve their access to essential goods and services such as healthcare, education or financial services, enable African Start-ups to improve their access to market and capital, or create sustainable jobs at scale, with a focus on women and youth, Smart Capital said in a press release publsihed on Monday. Funded by the World Bank, Caisse des Dépôts et Consignations (CDC), and the KFW, the Fund is backed by top-tier investors such as European Investment Bank (EIB), Africa Development Bank (AfDB) and Proparco, and a pound 10 million first loss mechanism provided by t he European Commission through the Boost Africa initiative. "This is ANAVA first investment in Pan-African funds. It will help Tunisian Startups to widen its market and its presence in growing Africa and ANAVA to build connections with other global players on the continent," said Alaya Bettaieb, Director General of Smart Capital. An additional pound 4 million equity investment in Janngo Capital Startup Fund from Smart Capital will increase funding for innovative tech startups in Africa, in particular Francophone countries and companies founded by women, said Fatoumata BS, Founder and Executive Chair of Janngo Capital. "This commitment directly contributes towards investing in leading early-stage start-ups to help unlock a massive growth and positive economic, social and environmental impact, in Tunisia and beyond." ANAVA is Tunisia's first euro-denominated fund of funds. It stands as a key pillar of the national initiative 'Startup Tunisia,' with the ambition to position Tunisia as a hub of innovation and startups, within the Mediterranean, MENA, and Africa regions. With an initial target size of pound 100 million, including an initial closing of pound 40 million subscribed by the CDC through a loan from the World Bank, and pound 20 million subscribed by KFW, the fund of funds aims to provide partnering funds with the capability to invest in Tunisian Startups in Tunisia and abroad allowing them to address their growth and internationalisation needs. The fund is managed by Smart Capital, a company authorised by the Financial Market Council (CMF), mandated by the Tunisian government to lead out its national Startup Tunisia programme. Source: Agence Tunis Afrique Presse