Mamor Capital Ventures Raises $18.8 Million to Fuel South African Tech Ecosystem

Johannesburg-based venture capital firm Mamor Capital Ventures has announced a R300 million ($18.8 million) first close for its debut fund, marking a significant milestone in the company’s journey to reach its R550 million ($34 million) target.

Mamor Capital, which is black women-owned and managed, reached this achievement after more than three years of fundraising efforts. With the initial capital secured, the firm can now begin investing in post-revenue technology companies while continuing to seek additional investors.

The fund’s anchor investor is the Public Investment Corporation (PIC), South Africa’s largest asset manager, with support from organizations like 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 will focus on established technology businesses generating revenue and demonstrating market demand for their products or services. Key areas of interest include financial access, digital infrastructure, and companies leveraging technology to expand digital inclusion in South Africa.

“This first close represents a practical shift for us,” said founder and CEO Mamokete Ramathe. “After years of fundraising, we can now deploy capital into businesses that align with our strategy while delivering competitive returns for investors.”

The firm’s co-founder and CFO, Fuzlin Levy-Hassen, added that they will assess not only the business model but also the strength of the management team and whether Mamor Capital can provide valuable support beyond just capital.

Having the PIC as an anchor investor is particularly significant for the South African venture market, which has struggled to attract institutional investment despite a relatively mature technology ecosystem. This commitment could pave the way for other investors to join the fund.

Leon Smit, acting chief investment officer at the PIC, noted that the investment reflects confidence in Mamor Capital’s team and strategy, as well as the role institutional investors can play in supporting local venture capital firms.

Mamor Capital’s investment approach includes a gender lens aimed at increasing access to funding for underrepresented founders in South Africa. While specific deployment details remain undisclosed, the firm plans to announce its investment focus once it begins deploying capital.