The Zimbabwe Stock Exchange Limited (“ZSE”) and the National Venture  Capital Company of Zimbabwe (“NVCCZ”) have entered into a Memorandum of Understanding  (MOU) to create a structured connection between Zimbabwe’s early-stage venture capital  ecosystem and the capital markets. The agreement recognises that the journey from startup to  scale requires more than funding at any single stage, it demands a continuum of capital,  governance support, and market access. Through this partnership, ZSE and NVCCZ commit to  constructing that continuum, through the Zimbabwe Entrepreneurship Exchange (ZEEX) as the  regulated endpoint toward which NVCCZ supported enterprises can aspire and progress.

The MOU outlines the following areas of intended collaboration;

Pipeline development
This includes jointly identifying high-potential startups and SMEs that are already funded or  supported by NVCCZ and that may, in due course, qualify for listing on ZEEX. Structured  graduation pathways will be developed from early-stage venture financing to full capital market  participation, with clear eligibility and quality criteria governing each transition.

Co-financing and blended finance
ZSE and NVCCZ will explore co-investment models that enable NVCCZ supported enterprises to  access supplementary capital through ZEEX, and work toward structuring blended finance  mechanisms that combine public venture funding with private market capital.

Capacity building
This includes jointly delivering training programs covering corporate governance, financial  reporting standards, investor readiness, and ZEEX’s listing requirements, alongside targeted  advisory support to prepare selected enterprises for compliance.

Market development 
The activities will include joint awareness campaigns, co-hosted investor roadshows and SME  financing conferences, and the development of sector-focused financing platforms.

Product innovation
ZSE and NVCCZ will explore new financial instruments suited to the venture and growth capital  space, including SME bond programs, green and sustainability-linked instruments, digital or  alternative listing platforms, and structured SME funds.

Progress
The formal operationalisation of ZEEX remains on track, and the growing network of institutional  and finance partners signing MOUs with ZSE reflects the broad-based support that is instrumental  in driving the successful launch of ZEEX.

Mr. Justin Bgoni, Group CEO of ZSE Holdings Limited, said: “Venture capital and capital markets  have historically operated in separate worlds in Zimbabwe, with very little structured dialogue  between the two. This MOU with NVCCZ is a deliberate effort to change that. By creating a  recognised pathway from NVCCZ’s portfolio of early-stage enterprises to ZEEX, we are introducing a degree of capital market planning into the venture space that has simply not existed before. Entrepreneurs who receive NVCCZ support will now be able to see, from day one, a credible  and well-defined route to public market participation. That clarity of purpose is invaluable.”

Mr Tinotenda Kambasha, CEO of NVCCZ, said: “Successful venture investing is not only about  providing capital—it is about supporting businesses throughout their entire growth journey. Our  partnership with ZSE creates a clear pathway from early-stage funding to capital market  participation, ensuring that promising enterprises have access to long-term growth opportunities. 
Through ZEEX, NVCCZ's venture investments will have a strategic exit route that strengthens  investor participation, value realization, improved liquidity, and recycling of capital into the next  generation of high-impact Zimbabwean businesses. Together, this historic partnership is key to strengthen entrepreneurship, drive innovation, create employment, and contribute to sustainable 
industrialisation and economic growth. “