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Mamor Capital Ventures, a black women-owned and managed venture capital firm, has reached a $18.6 million (R300 million) first close for its debut fund after more than three years of fundraising.
The firm is targeting a final close of $34 million (R550 million) and will invest in post-revenue South African technology businesses that use technology to widen access to digital and financial services.
“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 Mamokete Ramathe, founder and CEO of Mamor Capital.
The Public Investment Corporation (PIC), South Africa’s state-owned asset manager, anchored the fund and played a catalytic role in mobilising additional institutional commitments.
Further backing came 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.
Mamor Capital Ventures is a black women-led growth fund that invests in post-revenue companies in South Africa. The fund focuses on promoting digital and financial inclusion and improving market access for businesses.
It aims to achieve returns by targeting technologies that are scalable, customer-focused, and sustainable. Recognising the importance of the digital economy, Mamor Capital Ventures prioritises investments that enhance connectivity and utilise digital infrastructure effectively.
The fund targets businesses with strong fundamentals that have moved beyond proving an idea and can demonstrate real commercial demand. Its investment mandate covers financial access, digital infrastructure, and other barriers to economic participation.
The company’s criteria for investment include a focus on post-revenue companies in the Seed or Pre-Series A round, specifically those seeking growth funding.
The businesses should have a scalable model and demonstrate a minimum annual recurring revenue, utilising an equity instrument. Additionally, the entities should be based in South Africa.
The VC focuses on sectors, including:
- Telecoms Tech: Broadband, Internet, IoT, 5G
- Payments Tech: Processing, Gateway, Security, Wallets, POS
- Digital Trade: Online Marketplaces, Ecommerce
- Sustainable Tech: Energy Efficiency, Water Management, Waste Management, Sustainable Farming
“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. Mamor Capital brings together an experienced investment team, a clear strategy, and a strong transformation proposition,” said Leon Smit, acting chief investment officer at PIC.
“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,” said Ketso Gordhan, CEO of the SA SME Fund.
