Mamor Capital has secured R300 million ($18.8 million) in the first close of its debut venture capital fund, giving the black women-owned investment firm capital to begin backing post-revenue technology companies in South Africa.
The Johannesburg-based firm is targeting R550 million ($34 million) for the fund and plans to start deploying capital following the first close.
The fund is anchored by the Public Investment Corporation (PIC), South Africa’s largest asset manager, with additional commitments 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 spent more than three years raising the fund as South Africa’s technology sector continues to seek larger pools of institutional capital for companies moving beyond the startup stage.
The firm will invest in businesses that have demonstrated commercial demand, with a focus on technology aimed at expanding access to financial and digital services and increasing economic participation.
“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,” founder and Chief Executive Officer Mamokete Ramathe said.
Mamor Capital is looking for companies that have moved beyond proof of concept and can demonstrate commercial traction. Investment decisions will also consider management strength and whether the firm can help businesses achieve sustainable scale, Co-founder and Chief Financial Officer Fuzlin Levy-Hassen said.
The PIC’s investment gives Mamor Capital a major institutional backer as it moves from fundraising to deployment.
Leon Smit, acting chief investment officer at the PIC, said Mamor Capital had an experienced investment team and a strategy aligned with opportunities in South Africa’s venture capital market.
The SA SME Fund said its investment is intended to strengthen the pipeline of local fund managers backing technology businesses with growth potential.
Mamor Capital said it will apply a gender lens to its investments and seek to improve access to growth capital for underrepresented founders, while targeting financial returns alongside measurable economic impact.