Tunisia Leads the Way in Startup Ecosystem Development in Africa and the Middle East
Tunisia, the first African country to adopt a national startup law, is now reaping the rewards of its efforts. According to the Global Startup Ecosystem Report 2024, it ranks among the top 10 in funding and among the top 15 in talent, experience, and performance in the Middle East and North Africa.
In 2023, Tunisia awarded the startup label to 34 new companies, bringing the total to 1,040, demonstrating its commitment to innovative growth. That year, Cynoia raised $930,000, and fintech My Easy Transfer raised $424,000. Additionally, Swedish company Medius acquired the Expensya platform.
To support startups and small businesses, essential to economic growth and job creation, Tunisia has launched several reforms with the support of the World Bank. In March 2024, it launched a $2.1 million project to empower women in the AgTech sector. The Anava and InnovaTech funds are also investing in innovative startups and SMEs to strengthen the entrepreneurial ecosystem.
The Startup Act has been a key initiative to encourage innovation in Tunisia, enabling the raising of over $179 million since its implementation. Furthermore, the Tunisian Startups Association has introduced an open-source integrity charter in nine points to unite entrepreneurs. A bill called the 'Innovation Act', formerly 'Startup Act 2.0', is underway to modernize the legal framework and support innovative businesses.
