WHEN Vetumbuavi Mungunda resigned as CEO of Standard Bank Namibia in March last year, many people wondered why he was leaving a job that many would love to have.
Mungunda, however, dreamed of starting a business which he hopes will “make a massive impact in the country” and so set up Ombu Capital.
“We are looking at investments in rural areas because these areas have not had any significant commercial investment and are being treated as basket cases, where city dwellers go to retire,” he said.
Mungunda describes Ombu Capital as an investment firm that is a hub for entrepreneurial innovation, focusing on the acquisition, development and growth of businesses in the technology, agribusiness, tourism sectors and manufacturing.
“Ombu means ‘fountain’ in Otjiherero and like a fountain, Ombu Capital aspires to be the reservoir of hope, longevity and renewal,” he told The Namibian last Thursday.
“Our belief is that Namibia needs a stronger culture of entrepreneurship and innovation, especially in these high-impact sectors that drive growth.”
According to Mungunda, Ombu Capital, which is registered with the Financial Institutions Supervisory Authority of Namibia, is a three-pillar business services company.
“We strategize and advise companies on how to reconnect and reimagine their business models and we also engage in macro research.
“The second pillar is raising capital for businesses related to debt restructuring and financing; and the third is managing investments in other businesses, working with investors to buy those businesses and managing companies.”
Mungunda said Ombu Capital is led by a team capable of making the best investments in start-ups and scalable small and medium enterprises with the best technologies and innovative business concepts.
“It is imperative that we foster a culture of entrepreneurship and innovation in the economy and that we create jobs and dynamism in the country,” he said.
Ombu Capital is growing into a giant, Mungunda said, and leaving Standard Bank, an institution he led for seven years, was necessary because it took him out of his comfort zone to build a business that he hopes -it, will have a great impact on the lives of Namibians. .
Mungunda uses his vast network in the financial sector to mobilize investment and finance and he advises Namibians to plan their retirement well so that they can continue to have an impact on society.
Mungunda said ordinary Namibians would benefit from working with Ombu Capital as the company will develop small businesses to challenge the status quo.
“We want to work with companies that have strong growth potential, with the objective of long-term capital appreciation, and accompany them in their growth with disciplined management.
“Simply put, say a farmer can only afford to grow maize on two hectares, Ombu Capital can come and say ‘let’s work together and grow maize on 1,000 hectares’ to ensure food security in the country”, said Mungunda, adding that if necessary, there will be an exchange of funds for equity.
“We invest in companies where Ombu Capital can add value by being involved in strategic direction and providing technical support.
“Our main investment products are offered through two investment programs, the Emerging Technology and Agriculture and Tourism Incubation Fund, and the Business Revival Fund,” said the entrepreneur and business executive. educated at Harvard University.
“We have the knowledge and know-how to identify and improve business opportunities, constantly adding value while mitigating risk.
“We want to invest in businesses that are sustainable and also have an impact to open up new opportunities. This is an opportunity for our country to re-image our rural economic sector and promote inclusion by bringing in small-scale farmers and to small tour operators to contribute to the country’s economic trajectory”.
Mungunda said Ombu Capital is also committed to skills development and has a strong network of reputable specialist teams to meet the expectations of key stakeholders.
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