Mamor Capital Ventures has reached a R300 million ($18.8 million) first close for its inaugural venture capital fund, giving the black women-owned and managed firm the capacity to start investing in post-revenue South African technology businesses.
The fund is expected to support companies using technology to improve access to digital and financial services, strengthen economic participation and address barriers that continue to limit opportunities for businesses and consumers. Mamor Capital will continue raising capital towards its R550 million ($34 million) target, with investments expected to begin immediately following the first close.
The milestone is significant for South Africa’s technology and venture capital sectors, where promising businesses often face challenges accessing the growth capital needed to move beyond early stages. By focusing on businesses that have already demonstrated commercial demand, Mamor Capital aims to provide capital to companies with the potential to build sustainable operations and expand their economic impact.
From fundraising to investing in growth
The Johannesburg-based firm’s first close follows more than three years of fundraising and marks an important move from raising capital to deploying it into South African businesses.
The Public Investment Corporation (PIC), South Africa’s largest asset manager, is the fund’s anchor investor. Additional commitments have come from the SA SME Fund’s High Impact Seed Fund of Funds, the Technology Innovation Agency and the Small Enterprise Development and Finance Agency.
Mamor Capital said the PIC played a “catalytic role” in bringing additional institutional investors into the fund. The support also reflects growing interest among public investment institutions in strengthening South Africa’s local venture capital industry and providing long-term funding to businesses with growth potential.
“After more than three years of fundraising, reaching this first close is an important step for Mamor Capital and a strong endorsement from the institutions that have backed our strategy,” said Mamokete Ramathe, founder and chief executive of Mamor Capital.
She said the funding would allow the firm to begin investing in businesses using technology to widen economic participation, while maintaining its focus on delivering competitive returns to investors.
The fund will target companies working in areas such as financial access and digital infrastructure, as well as businesses addressing other barriers to economic participation. Companies will need to have moved beyond proof of concept and be able to show evidence of commercial demand.
“We are looking for businesses that have moved beyond proving an idea and can show real commercial demand,” said Fuzlin Levy-Hassen, co-founder and chief financial officer. She added that investment decisions would consider the strength of the business, its management team and whether Mamor Capital’s capital and experience could help it achieve sustainable scale.
Building a more representative investment ecosystem
The investment also comes as South Africa’s venture capital market continues to seek more institutional funding. The PIC’s participation points to the potential role of large public investment institutions in supporting local fund managers and increasing exposure to technology-driven growth.
Leon Smit, acting chief investment officer at the PIC, said Mamor Capital had an experienced investment team, a clear strategy and a strong transformation proposition. He added that there was significant potential in South Africa’s venture capital market and that institutional investors could play a greater role in providing the long-term capital required to develop it.
Ketso Gordhan, chief executive of the SA SME Fund, said its investment through the High Impact Seed Fund of Funds was aimed at strengthening the pool of local fund managers capable of identifying and supporting promising technology businesses. He said Mamor Capital brought additional investment capacity while focusing on businesses that could broaden participation in the digital economy and create sustainable commercial value.
Mamor Capital’s leadership team has experience across investment banking, venture capital, telecommunications, technology and entrepreneurship. Beyond its commercial objectives, the firm also intends to contribute to a more representative investment ecosystem by applying a gender lens and improving access to growth capital for underrepresented founders.
The firm has not disclosed specific investment targets or technology sectors, but said portfolio companies will be assessed on their ability to deliver measurable economic impact alongside sustainable financial returns.
