Mamor Capital Ventures (Mamor Capital) has reached a R300 million first close for Fund 1, providing the black women-owned and managed venture capital firm with the capital to begin investing in post-revenue South African technology businesses as it continues raising towards a target fund size of R550 million.
The Public Investment Corporation (PIC) is the fund’s anchor investor, with further commitments from the High Impact Seed Fund of Funds managed by the SA SME Fund, the Technology Innovation Agency, and the Small Enterprise Development and Finance Agency. The PIC also played a catalytic role in mobilising additional institutional commitments to the fund.
Mamor Capital invests in scalable South African businesses that use technology to widen access to digital and financial services and increase economic participation. The first close follows more than three years of fundraising.
Mamokete Ramathe, Founder and Chief Executive Officer of Mamor Capital, said this marks an important shift from fundraising to deployment.
“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.
“It gives us the capital to start investing in South African businesses that are using technology to widen economic participation, while remaining focused on delivering competitive returns for our investors,” said Ramathe.
PIC Acting Chief Investment Officer Leon Smit said the investment supports the PIC’s focus on transformation while providing exposure to the growth potential of South Africa’s venture capital market.
“Mamor Capital brings together an experienced investment team, a clear strategy, and a strong transformation proposition.
“We see significant potential in South Africa’s venture capital market and believe institutional investors can play a greater role in providing the long-term capital needed to support its development,” said Smit.
Ketso Gordhan, CEO of the SA SME Fund, said its investment through the High Impact Seed Fund of Funds reflects the need to increase the amount of specialist capital available to promising South African technology businesses.
“Our investment through the High Impact Seed Fund of Funds is intended to strengthen the pool of local fund managers with the capability to identify and support promising technology businesses.
“Mamor Capital adds experienced investment capacity to the market and has a clear focus on businesses that can broaden participation in the digital economy while building sustainable commercial value,” said Gordhan.
Mamor Capital will focus on businesses with strong fundamentals and the potential to deliver measurable economic impact alongside sustainable returns. Its investment mandate includes businesses addressing financial access, digital infrastructure and other barriers to economic participation.
Fuzlin Levy-Hassen, Co-Founder and Chief Financial Officer of Mamor Capital, said the first close gives the team the capacity to pursue opportunities while maintaining a disciplined approach to investment selection.
“We are looking for businesses that have moved beyond proving an idea and can show real commercial demand.
“Our investment decisions will be grounded in the strength of the business, the quality of the management team and whether our capital and experience can help the company build sustainable scale,” said Levy-Hassen.
