With Zambia’s youth turning to entrepreneurship as a path to financial independence, access to early-stage capital has become more crucial than ever. Yet, the biggest challenges that upcoming entrepreneurs face is capital, right networks to polish up their clientele or even vital mentorship to foster their growth and success in their entrepreneurial journey. And that is where the Zambia Business Angels Network (ZBAN) steps in.
With an investment of over 237,000 USD, it has established more than 75 jobs through portfolio investments and hosted over 24 pitch events, including two flagship forums under the USAID Zambia Enterprise Development and Growth Enhanced (EDGE) Project. The Angel investor hub has shown commitment towards promoting sustainable growth of Small Medium Enterprises (SMEs) to Africa’s economic development. Between 2023 and 2024, ZBAN has successfully closed 9 deals across a wide range of sectors including FinTech, EdTech, Fashion Renewable Energy, Health, etc.
A new dawn for startups seeking funding.
Established in 2021 ZBAN, is the country’s first organized network of angel investors. Its aim is to address critical funding gaps in Zambia’s entrepreneurship ecosystem by connecting private investors with promising early-stage enterprises to drive innovation, job creation, and inclusive economic growth.
More than just funding.
ZBAN not only offers investment opportunities for entrepreneurs, it offers an impactful platform for maximized success potential for businesses, particularly those addressing local challenges with innovative business models as well as green and impact focused enterprises.
Speaking in an exclusive interview, ZBAN’s National coordinator, Ms. Ndita Mulimbeni, explained that the company connects startups (new businesses) with investors through pitch events or organized direct introductions. “We also work closely with regional and global investor networks to create core investment opportunities and to enhance the visibility of Zambian startups beyond national borders. Our due diligence and pipeline development processes help ensure that investor-ready startups are matched with the right capital partners”. She highlighted.
A real investment: The WeCure Pharmacy.
One of the notable investments that ZBAN has made is through a reputable pharmacy called the “WeCure Pharmacy” , a healthcare business known for its engaging online platform on Facebook. Behind this thriving Pharmaceutical business there lies ZBAN footprints.
Dr Dumisani Nkunika, the CEO and founder of the Online/ physical pharmacy connected with ZBAN through their posts on Facebook when his business was just in ideation stage and later applied for funding .
Dr. Nkunika described his experience with ZBAN as interesting and enlightening especially during his sessions with his investor. He recounted how he received high class mentorship which enabled him to perfect his then proposed business plan and achieved good connections with necessary key stakeholders in his pharmaceutical business journey.
He urged upcoming entrepreneurs not to give up but rather be open minded to learning, realignment of workable business ideas and take valuable advice from experts.
“A good idea will definitely attract an investor”, the healthcare entrepreneur advised.
Investor insight and vision for the future.
ZBAN investor and Chairman of the investment committee, Michael Turney,
highlighted the absence of a fully developed ecosystem that supports the growth of SME’s in the country. Having made over ten investments, he emphasized how the network has given him firsthand insight into market trends, including digital transformation.
“We’re working toward creating a more structured fund to increase the capital invested and to establish a secondary market for financing,” said Mr. Turney.
“This will allow growing companies to scale more quickly and sustainably.”
Growing the Ecosystem beyond capital.
Beyond funding ZBAN supports ecosystem growth through capacity building, policy advocacy and thought leadership. They go as far as engaging in ecosystem level dialogues with the government, development partners and cooperates to shape a more enabling environment for innovative and private investment.
Notwithstanding the efforts made in building a pipeline of investor- ready startups, challenges exist. Significant issues emerge from the capacity gap among early stage founders particularly in areas like financial management, business modeling and investor readiness; as explained by Ms. Mulimbeni.
“Many start ups lack proper governance structures and traction which makes them less attractive to investors in addition to the relatively small pool of active Angel investors, limiting how many ventures can be supported at one time“, she emphasized.
Home grown innovations for Africa is Next.
Despite these challenges, it is clear that ZBAN is shaping Zambia’s private capital landscape and is striving to be a cornerstone to an innovative economy beyond the borders. Their work continues through supporting ventures aimed at growing the Angel investor base, deepening regional investment collaboration and helping institutionalize early stage investment in Zambia.
As the National Coordinator puts it: “Ultimately, we envision a future where home grown ventures are solving Africa’s biggest challenges and ZBAN is part of their growth journey from idea to scale”.
By Cynthia Lupiya.