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Mamor Capital Ventures has reached a R300 million ($18.58 million) first close for its Fund I.
The venture capital firm will use the capital to begin investing in post-revenue South African technology businesses. It is continuing to raise towards a target fund size of R550 million ($34.06 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.
Mamokete Ramathe, founder and chief executive officer of Mamor Capital, said: “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.”
“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,” commented PIC acting chief investment officer Leon Smit.
Ketso Gordhan, CEO of the SA SME Fund, added: “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.”
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