VENTURE capital is a game changer for entrepreneurial ecosystems worldwide, yet Zimbabwe’s market remains largely untapped. As the CEO of the National Venture Capital Company of Zimbabwe (NVCCZ), Tinotenda Kambasha (TK) is spearheading efforts to provide startups with the patient capital they need to scale. In this exclusive Business Compass interview with Antony Jongwe, Kambasha discusses NVCCZ’s mission and challenges facing Zimbabwe’s startups, and the future of venture capital in the country.
Birth, vision of NVCCZ
AJ: Congratulations on the establishment of NVCCZ. Could you share its vision and mandate in Zimbabwe’s economic landscape?
TK: NVCCZ was established under the 2020 National Budget Statement by Honourable Professor Mthuli Ncube to bridge the funding and mentoring gap between innovative ideas and business growth. Our goal is to catalyse Zimbabwe’s entrepreneurial ecosystem, aligning with the National Development Strategy 1 and 2 (NDS1 & 2).
AJ: Venture capital is still a new concept in Zimbabwe. What are the biggest misconceptions among entrepreneurs?
TK: Many assume that all startups qualify for venture capital. However, VC funding targets high-growth businesses with scalable models and a clear exit strategy. Others believe that a polished pitch deck guarantees funding, but unlike traditional banks, NVCCZ conducts rigorous due diligence on financials, operations, and scalability before making investment decisions. Another myth is that venture capital is exclusive to tech startups, whereas NVCCZ invests across diverse sectors, including agriculture, healthcare, manufacturing, and tourism.
Transforming investment landscape
AJ: Strive Masiyiwa has noted that African startups struggle more with equity financing than debt access. How does NVCCZ shift this mindset?
TK: Unlike banks that offer loans with high interest rates, NVCCZ provides patient capital — long-term investment without immediate repayment pressure. Our approach allows startups to focus on scaling rather than debt repayment.
AJ: Many African countries have weak VC ecosystems. What steps is NVCCZ taking to build Zimbabwe’s?
TK: We are actively engaging stakeholders, including international development organisations, pension funds, and high-net-worth individuals, to create a strong VC ecosystem. Additionally, NVCCZ is advocating for policies that strengthen intellectual property protection and introduce tax incentives for startups.
AJ: How do you see regulatory frameworks evolving to support venture capital in Zimbabwe?
TK: We need policy adjustments that enhance IP protection, support innovation hubs, and incentivise VC-backed startups through tax reliefs and exemptions.
NVCCZ’s investment strategy
AJ: Which sectors does NVCCZ prioritise?
TK: We take an inclusive approach, targeting technology, agriculture, healthcare, tourism, mining, and manufacturing. Our goal is national impact, ensuring investment across all ten provinces.
AJ: How does NVCCZ identify high-growth startups?
TK: We conduct rigorous due diligence, analysing financials, market potential, and scalability. The process ensures only the most viable startups receive investment.
AJ: What does the application process involve?
TK: Startups apply through our website (https://nvccz.com), submitting an Information Request Memorandum (IRM) outlining their business model and growth potential.
AJ: Exits are critical in venture capital. What is NVCCZ’s exit strategy?
TK: We anticipate exiting investments within three to seven years through buy-back agreements, private investors, or public listings. Establishing an SME bourse is crucial for providing exit platforms.
Universities, innovation hubs role
AJ: Zimbabwe’s universities now have innovation hubs. How is NVCCZ collaborating with them?
TK: We are working closely with universities to identify promising startups. There is a significant gap between academic innovation and commercialisation, and we aim to bridge that by providing funding and business development support.
AJ: Are there specific university-led innovations NVCCZ is supporting?
TK: Yes, we are already investing in a project from the National University of Science and Technology (Nust) in Bulawayo, demonstrating our commitment to decentralised development.
Challenges, opportunities
AJ: What are the biggest hurdles Zimbabwean startups face?
TK: Limited access to capital remains the biggest challenge. Mainstream financial institutions demand collateral and charge high interest rates, making it difficult for startups to secure funding. NVCCZ addresses this by providing equity investment instead of loans.
AJ: How does NVCCZ ensure inclusivity for startups from rural areas?
TK: We are deliberate in ensuring that our investments represent Zimbabwe’s diversity. For example, we have backed projects such as Mobility for Africa, which provides electric transport solutions for rural areas, and KumbaCare, a telemedicine startup founded by a student nurse in Harare.
AJ: Zimbabwe’s stock exchange hasn’t traditionally facilitated VC exits. Do you see opportunities for reform?
TK: Establishing an SME stock exchange will be critical for VC exits, allowing startups to raise capital through IPOs and ensuring investor liquidity.
AJ: What lessons can Zimbabwe learn from countries with strong VC ecosystems, such as the USA, China, and Israel?
TK: The key takeaways include:
Government support — Strong policies encourage investment;
Innovation culture — Risk-taking and entrepreneurship must be embedded in the economy; and
Access to funding — A mix of venture capital, angel investors, and crowdfunding strengthens the ecosystem.
Future of venture capital
AJ: Finally, what message do you have for Zimbabwe’s aspiring entrepreneurs?
TK: NVCCZ is here to help turn great ideas into successful businesses. I encourage entrepreneurs to visit our website, apply for funding, and embrace the opportunities venture capital provides. To investors and stakeholders, let’s collaborate to build a thriving entrepreneurial ecosystem that drives Zimbabwe’s economic growth.
Conclusion
As Zimbabwe works to build a sustainable venture capital ecosystem, NVCCZ is playing a pivotal role in bridging the funding gap for startups.
With a clear investment strategy, university collaborations, and a focus on inclusive growth, the organisation is set to transform the country’s entrepreneurial landscape.
Entrepreneurs must now step forward, leverage available opportunities, and contribute to a more dynamic and innovative economy.
- Jongwe is an experienced business consultant with extensive expertise across various industries in Southern Africa, including higher education. — +27 82 408 3661/ +263 788 016 938 or by e-mail at [email protected]
