Mamor Capital Secures R300m First Close for Tech Fund

In Short

Mamor Capital has secured R300 million in a first close for its debut South African technology fund. The Johannesburg-based VC is targeting R550 million and says it will start deploying capital while it keeps fundraising.

What Happened

Mamor Capital secured R300 million, about $18.8 million, in the first close of its new fund. A first close means the fund has raised enough commitments to start investing, even if it has not reached its final target.

The Public Investment Corporation, South Africa’s state-owned asset manager, is the anchor investor. Other backers named 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 says it will invest mainly in post-revenue South African tech companies. Post-revenue means the business is already earning money from customers, and it now needs growth capital to scale.

The firm’s focus areas include technology that expands access to financial services and digital services, improves infrastructure, and reduces barriers that limit broader economic participation. Founder and CEO Mamokete Ramathe said the first close moves the firm from a long fundraising period into active investing.

Why It Matters

South African venture capital has often relied on smaller pools of private capital. This first close signals more institutional money flowing into local VC, which can provide longer-term funding and bigger follow-on checks.

Mamor Capital is black women-owned and managed, and it plans to apply a gender-focused investment approach. If executed well, that can widen access to growth-stage funding for founders who have historically been underserved by traditional funding channels.

For founders, the practical impact is new capital aimed at companies with proven demand, not just early ideas. For the ecosystem, it is another test of whether pension-linked and state-backed investors can help deepen South Africa’s venture market without slowing decision-making.