Mamor Capital raises R300m to invest in SA tech businesses
The first close follows more than three years of fundraising and is anchored by the Public Investment Corporation (PIC), with additional 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 role in attracting further institutional investment to the fund.
From fundraising to investment
Mamor Capital, a Black women-owned and managed venture capital firm, invests in scalable South African businesses using technology to expand access to digital and financial services and increase economic participation.
With the first close secured, the firm will now begin deploying capital into businesses that have moved beyond the early proof-of-concept stage and can demonstrate commercial demand.
Mamokete Ramathe, founder and CEO of Mamor Capital, said the first close marked a 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,” said Ramathe.
The fund will target businesses with strong commercial fundamentals and potential to deliver measurable economic impact alongside sustainable returns. Its investment mandate includes companies operating in areas such as financial access, digital infrastructure and other areas addressing barriers to economic participation.
Focus on post-revenue businesses
Mamor Capital said it will focus on companies that have already demonstrated market demand rather than businesses still proving their initial concepts.
“We are looking for businesses that have moved beyond proving an idea and can show real commercial demand,” said Fuzlin Levy-Hassen, co-founder and CFO of Mamor Capital.
The firm's investment decisions will consider the strength of the business, management team and whether its capital and expertise can help companies achieve sustainable scale.
Ketso Gordhan, CEO of the SA SME Fund, said the investment would help increase the pool of specialist capital available to South African technology businesses.
The fund's leadership team has experience spanning investment banking, venture capital, telecommunications, technology and entrepreneurship.
Alongside its commercial investment mandate, Mamor Capital said it aims to contribute to a more representative investment ecosystem through a gender lens and increased access to growth capital for underrepresented founders.
The firm will continue fundraising towards its R550m target while beginning to evaluate investment opportunities.
