Anava invests $5m in Tunisian Startups. 2 other stories and a trivia

This line-up of stories will help you discover the latest happenings around the tech world, today.

1. Anava invests $5m in Tunisian Startups

Tunisia’s Anava fund, operated by Smart Capital, has pledged a $5 million investment in the Titan Seed Fund I, dedicated to funding deep tech startups in Tunisia.

The Titan Seed Fund I is a $10 million fund set to invest in around 20 Tunisian deep tech startups.

Ripples Nigeria gathered that the fund aimed at providing an average investment ranging from $300,000 to $650,000 in Seed-stage startups, with the goal of preparing them for the Series A stage.

Launched in 2021 as part of the country’s national initiative, “Startup Tunisia,” Anava is committed to supporting startups and fostering innovation.

The “ANAVA” fund of funds, managed by “Smart Capital,” has expressed its dedication to invest €5 million in a new underlying fund named “Titan Seed Fund I,” specifically designed to support deep tech startups involved in highly innovative techniques in Tunisia.

The commitment was formalized during a press conference organized by the Caisse des Dépôts et Consignations (CDC) to introduce the startup support project “Innovative Startups and SMEs,” funded by the World Bank, CDC, and the German development bank “KFW.”

With €10 million at its disposal, “Titan Seed Fund I” intends to invest in nearly twenty Tunisian startups.

Trivia: A DSL internet connection works over what transmission medium?
A. Copper telephone wires
B. Fiber-optic cables
C. Wireless radio waves
D. Aluminum coaxial cables
Find answer below

2. Dubai’s Olive Gaea closes $1m from Cornerstone Ventures

Dubai-based climate-tech startup, Olive Gaea, has announced closing a $1 million investment from Cornerstone Ventures, marking a pivotal development for the company.

The cofounder and CEO, Vivek Tripathi, stated this in a press release seen by Ripples Nigeria on Monday, October 23, 2023.

The injected funds will empower Olive Gaea to launch its SaaS platform, “Zero by Olive Gaea.”

This platform has been meticulously crafted to address the challenges that businesses encounter in their Net Zero and carbon management initiatives within the MENA region.

Olive Gaea is on a mission to accelerate the decarbonization process, particularly as Net Zero targets gain increasing prominence on both the national and international stages.

CEO Vivek Tripathi underscored the significance of this move, stating: “As a homegrown business, we intimately understand the climate challenges specific to the MENA region.

“Today, businesses are under immense pressure to take immediate climate action. Shockingly, 91% of them struggle to measure their greenhouse gas (GHG) emissions. Even fewer can meet their carbon reduction targets.

“Having served governments and private entities in the MENA and India region for the past two years, we’ve gained extensive experience in understanding the challenges they face in their decarbonization and Net Zero journey.

“Now, with the unwavering support of Cornerstone Ventures, Olive Gaea is ready to bridge the climate action gap by automating and simplifying decarbonization at scale.”

3. Dubai startup Neo Mobility secures $10m seed funding

A Dubai startup, Neo Mobility, specializing in electric vehicle (EV) logistics, has secured $10 million in seed funding.

Abhishek Shah, CEO and Co-Founder of Neo Mobility, stated this in a press release seen by Ripples Nigeria on Monday, 23 October, 2023.

Ripples Nigeria gathered that the funding saw the participation of venture firms including, the green asset financing platform Delta Corp Holdings, the global logistics and distribution giant Pyse Sustainability Fund, and a group of committed angel investors.

The team noted that the infusion of these funds will play a pivotal role in realizing Neo Mobility’s ambitious expansion plans for its current fleet of electric vehicles.

According to the team, the company’s strategic vision is to bolster its fleet to an impressive 5,000 two-wheeler and four-wheeler EVs by the year 2025.

Commenting on the development, Abhishek Shah said: “These funds will support the development of cutting-edge technology team expansions, aimed at optimizing fleet deployment and elevating the customer experience.

“Neo’s two-wheeler fleet sets a new standard in the UAE, featuring motorbikes rather than mopeds.

“The e-motorbikes offer superior durability, delivering an enhanced riding experience and safety, with seamless adaptability similar to traditional IC engine bikes.”

Trivia Answer: Copper telephone wires

DSL Stands for “Digital Subscriber Line.” DSL is a communications medium used to transfer digital signals over standard telephone lines. Along with cable Internet, DSL is one of the most popular ways ISPs provide broadband Internet access.

In order to access the Internet using DSL, you must connect to a DSL Internet service provider (ISP). The ISP will provide you with a DSL modem, which you can connect to either a router or a computer. Some DSL modems now have built-in wireless routers, which allows you to connect to your DSL modem via Wi-Fi. A DSL kit may also include a splitter and filters that you can connect to landline phones.

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