Ishemunyoro Chingwere Business Reporter
Venture capital firm, Vakayi Capital, has concluded its second investment project in Zimbabwe that will see a Ruwa-based hatchery doubling its output.
The hatchery, ZimAvian (Pvt) Ltd, produces broiler and layer day-old chicks, which it mainly supplies to small-scale poultry farmers. The firm, however, needs an extra $250 000 capital injection to meet its growth objectives.
In a statement, Vakayi said it is delighted to be playing a part in the reconstruction of Zimbabwe.
“This is Vakayi’s second investment and it shows our commitment to provide much-needed long-term capital to Zimbabwe’s SME sector. We are delighted to work with Cyril Gunda (ZimAvian founder and chief executive officer), an ambitious, energetic and committed entrepreneur who is passionate about rebuilding Zimbabwe,” said Vakayi’s chief investments officer, Patrick Makanza.
“Additionally, we are excited about the opportunity to invest in ZimAvian. Small-scale poultry farmers account for about 60 percent of Zimbabwe’s poultry production, with the majority of the farmers being women. This investment is further testament to Vakayi’s investment philosophy of investing in businesses that have potential to scale while at the same time delivering meaningful economic and social impact,” he said.
ZimAvian said they will use the investment from Vakayi to import material for use in the expansion of its business.
“We are delighted that Vakayi has invested in our business, which aims to provide the highest quality day-old chicks to the Zimbabwean market,” said Mr Makanza.
“ZimAvian will use the proceeds to import additional hatching equipment which will strengthen our business by doubling up the hatching capacity, thus enabling us to deliver a greater number of day-old chicks to our customers.
“From a socio-economic angle, this expansion is also important when you consider the fact, supported by research, that increased poultry and egg consumption results in improved nutritional levels in Africa,” said ZimAvian.