(Ecofin Agency) - Tunisian startup accelerator and early-stage fund Anava Seed Fund will receive an equity investment of $1 million from the International Finance Corporation (IFC), the World Bank’s private arm.

Half of the money ($500,000) will be provided by the Women Entrepreneurs Finance Initiative (We-Fi), a program hosted by the World Bank Group which empowers women-led businesses in developing countries. The second half is coming from the IFC

The new investment is part of the $30 million “Startup Catalyst” initiative that supports seed funds in emerging markets. It is expected to increase Anava Seed Fund's capital to $10 million, enabling it to support the growth of at least 100 technology companies over the next few years.

Between 2016 and 2018, Flat6Labs Tunis, the manager of Anava Seed Fund, invested more than TND6 million in 28 innovative African start-ups.

Chamberline Moko