Grace Ashiru
Black women-owned venture capital firm Mamor Capital Ventures has secured R300 million ($18.8 million) in the first close of its debut technology fund, giving the Johannesburg-based investor fresh capital to back growing South African tech companies.
The first close puts Mamor Capital more than halfway towards its R550 million fundraising target and allows the firm to begin deploying capital after more than three years of fundraising.
The Public Investment Corporation (PIC), South Africa’s state-owned asset manager, is serving as the fund’s anchor investor. Other institutional backers include 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 plans to invest primarily in post-revenue South African technology businesses that have demonstrated commercial demand and are positioned to scale.
Its investment strategy will focus on companies using technology to expand access to financial and digital services, improve infrastructure and address other barriers limiting wider participation in the economy.
The firm said investment decisions will consider the underlying strength of each company, the quality of its leadership team and the extent to which Mamor Capital’s funding and expertise can support sustainable growth.
Founder and CEO Mamokete Ramathe described the first close as an important milestone that moves the firm from an extended fundraising period into active investment.
The fund is also intended to support greater representation within South Africa’s investment ecosystem. Mamor Capital, which is black women-owned and managed, plans to apply a gender-focused investment approach while increasing access to growth capital for founders and entrepreneurs who have historically been underserved by traditional funding channels.
Mamor Capital’s leadership team includes professionals with backgrounds spanning venture capital, investment banking, telecommunications, technology and entrepreneurship.
For institutional investors, the fund also provides an opportunity to participate in South Africa’s developing venture capital market. The PIC has highlighted the potential for institutional capital to play a larger role in supplying long-term funding to local venture firms and technology businesses.
The SA SME Fund, meanwhile, said its participation is aimed at strengthening the number of specialist local fund managers capable of identifying and supporting promising technology companies.
With the R300 million first close completed, Mamor Capital is expected to begin investing while continuing fundraising efforts towards its R550 million final target.
The new fund adds to growing efforts to channel more institutional capital into South Africa’s technology sector, particularly businesses that can combine commercial growth with broader economic impact.
