Mamor Capital Launches $18.5 Million Fund to Back SA Tech Businesses

Mamor Capital Ventures, a venture capital firm owned and managed by black women in South Africa, has announced the first close of its Fund I at ZAR300 million (US$18.5 million). This milestone allows Mamor Capital to begin investing in post-revenue technology companies across South Africa.

Mamor Capital focuses on businesses that leverage technology to expand access to digital and financial services while increasing economic participation – particularly for underserved communities. The fund’s investment mandate includes addressing barriers like limited financial inclusion, inadequate digital infrastructure, and other factors hindering broader economic engagement.

“Reaching this first close after more than three years of fundraising is a significant achievement,” said Mamokete Ramathe, founder and CEO of Mamor Capital. “It validates our strategy to invest in South African businesses that are using technology to create inclusive economic opportunities while generating competitive returns for our investors.”

The ZAR300 million first close was anchored by the Public Investment Corporation (PIC), with additional commitments from the High Impact Seed Fund managed by the SA SME Fund, the Technology Innovation Agency (TIA), and the Small Enterprise Development and Finance Agency. Mamor Capital aims to reach a total fund size of ZAR550 million (US$34 million) through ongoing fundraising efforts.

Leon Smit, acting chief investment officer at PIC, emphasized that this investment aligns with their focus on transformation while providing exposure to South Africa’s growing venture capital market. “Mamor Capital combines an experienced team, a clear strategy, and a strong commitment to inclusive growth,” he stated.

With this funding, Mamor Capital is positioned to support the next generation of tech entrepreneurs building scalable businesses that address critical economic challenges in South Africa.