Discover AIR² in 90 seconds
About the instrument
Air² is a direct grant to startups in the SEED stage that prepares and supports them to raise larger funds to successfully execute their scale up and expansion plans.
It is a 200,000 TND grant designed to support investment preparation.
AIR² is a very selective instrument and will be granted only to startups that have demonstrated strong growth potential and have begun the process of raising Series A funds (1 MDT).
A startup potentially benefiting from AIR² is a startup that justifies important achievements and progress on its product development and market access plan. This assistance would support it to reach KPIs (market access or product development) in order to facilitate the next planned fundraising above 1 MDT.
- The startup is an existing company with a legal activity in accordance with Tunisian legislation
- The startup has already raised SEED funds (minimum 100kdt)
- The candidate startup must not have a current RIA or RIA².
- The startup is in serious discussions with investors for a Series A round with a clear roadmap until the Series A is raised.
- Eligibility document: A letter of intent for a Series A round (above $1M) signed by a potential investor.
- Proven need for financial support
- The startup has a clear plan for local and international expansion.
- Innovation and scalability of the proposed project (0-5)
- The achievements of the startup (progress, product development, go-to-market, traction,..) (0-5)
- The deliverability of the team (0-5)
- The relevance of AIR² for the preparation to the investment of the Startup (0-5)
- The seriousness of the approach of prospecting of the investment funds for the realization of raising of funds (0-5)
- Bonus point: will be encouraged the Statrups founded by a woman (+1) or stemming from and active in a disadvantaged interior region (+1)
A simple and fully online process
These steps ensure maximum transparency as well as an accurate and fair evaluation of all files received
Steps
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Call for Application
The opening of applications on the portal
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Round 1
Verification of eligibility criteria and completion by the program management team
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Round 2
Scoring of applications by the selection committee
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Round 3
Vote and deliberation following the pitch session by the selection committee
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Results
Communication of results
The announcement of the results is expected 3 months after the application
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Contract Signing
Preparation of documents & annexes
Contract signing
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Follow-up & Fund Disbursement
application Funds disbursed in phases, with progress verification at each stage
Required Documents for AIR² Application
- Recent commercial register extract (less than 3 months old)
- 3-minute demo video of your solution/product (in English or French)
- 3-minute pitch video (in English or French)
- Pitch deck
- Latest financial statements
- Letter(s) of intent from investors for your Series A round (above 1 million TND)
- Business plan used for your Series A fundraising
- Cost structure until the next funding round (to be covered by AIR²)
New Disbursement Structure for Flywheel Instruments
AIR² Funding Phases (4 Tranches)
1st Tranche (T1 – 30%): Initial Disbursement
✔ Released upon contract signing
✔ Required Documents:
- Signed contract with Smart Capital
- Recent commercial register extract (less than 3 months old)
- Detailed action plan (Annex II): objectives, KPIs, timeline, key milestones
- Approved budget forecast
2nd Tranche (T2 – 30%): Intermediate Validation
✔ Released after verifying T1 expenses and confirming project progress
✔ Required Documents:
- Signed T2 request addressed to Smart Capital
- Summary of expenses incurred, dated and signed
- Tax & social security compliance certificate
- Interim progress report
- Updated project progress report (Annex II)
3rd Tranche (T3 – 30%): Advanced Validation
✔ Released after additional progress verification and strict monitoring of financial & technical operations
✔ Required Documents:
- Signed T3 request addressed to Smart Capital
- Summary of expenses incurred, dated and signed
- Tax & social security compliance certificate
- Interim progress report
- Updated project progress report (Annex II)
4th Tranche (T4 – 10%): Final Project Closure
✔ Released upon final validation of project results
✔ Required Documents:
- Signed project completion request
- Final technical report
- Certified summary of expenses by a statutory auditor or chartered accountant
- Updated tax & social security compliance certificates
- Supporting documents for all expenses (invoices, proof of payment, etc.)
- Final updated project progress report (Annex II)
- Audit report
AIR2 Beneficiaries
| Name | Session | Sector | Description | Location | Creation Year | Founders | Website |
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AIR
Support the development of Proof-of-Concept (POC) for early stage startups.
