South African VC Mamor Capital raises $18.8 million first fund
Mamor is still raising towards its R550 million ($34.375 million) target and says it will invest in South African technology companies that already have paying customers.
South African VC firm Mamor Capital Ventures has secured its inaugural $18.8 million fund, with Public Investment Corporation (PIC) as the anchor investor. The black women-owned and managed company aims to invest in South African technology startups that already have paying customers. Mamor's CEO, Mamokete Ramathe, highlighted that traditional investors, including pension funds and banks, are cautious about venture capital due to mandates or risk limits.
The firm's approach focuses on companies that have demonstrated paying customers, can retain them, have a growing market, and have a realistic path to profitability. Despite a growing VC market in Southern Africa, limited exits and follow-on funding remain challenges. Mamor seeks to address this by investing in businesses with genuine demand, rather than just promising future growth, in sectors such as financial access, digital infrastructure, and technology that can expand economic participation for more people and businesses.
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