Mamor Capital Raises US$18.8M to Fund South Africa's Post-Revenue Startups

Mamor Capital Ventures team: Fuzlin Levy-Hassen (CFO) and Mamokete Ramathe (Founder & CEO)

Mamor Capital Ventures has raised $18.8 million (R300 million) in the first close of its inaugural fund, anchored by South Africa’s Public Investment Corporation. Targeting $34.4 million (R550 million), the fund will back post-revenue technology companies with paying customers, addressing a funding gap between early validation and scalable growth in South Africa.

Why Is Mamor Capital Raising a New Venture Fund in South Africa?

For South African startups, proving that customers will pay is only part of the challenge. The next hurdle is securing enough capital to turn early commercial traction into sustainable growth.

That is the funding gap Mamor Capital Ventures is targeting with its inaugural venture capital fund.

The Black women-owned and managed firm has reached a $18.8 million (R300 million) first close for its first fund, with the Public Investment Corporation (PIC) serving as the anchor investor. Mamor is continuing to raise toward a $34.4 million (R550 million) target.

The fund will invest in post-revenue South African technology businesses that have moved beyond proving an initial idea and can demonstrate genuine commercial demand.

The first close is therefore more than a new source of startup capital. It reflects a specific gap in South Africa's venture ecosystem: businesses can have paying customers and a functioning product, yet still struggle to secure the capital required for their next stage of growth.

What Funding Gap Is Mamor Capital Trying to Address?

Mamor founder and CEO Mamokete Ramathe said the firm spent more than three years raising its inaugural fund, encountering continued caution from traditional institutional investors, including pension funds and banks.

Some institutions have mandates or risk limits that make venture capital difficult to access. Others associate VC primarily with companies that have yet to prove product-market fit.

“The fundraising journey reinforced that institutional appetite for venture capital in South Africa is still developing,” Ramathe said.

Mamor's strategy is designed to reduce some of that perceived risk by focusing on companies that have already demonstrated that customers will pay.

Importantly, profitability is not a prerequisite. Instead, the fund assesses whether a business has:

• Paying customers and evidence of commercial demand
• The ability to retain those customers
• A sufficiently large market to support future growth
• A credible pathway toward profitability
• Technology that can support scalable expansion

Mamor's own investment criteria currently indicate R6 million to R27 million ticket sizes for pre-Series A companies, providing further context for where the firm intends to deploy capital.

How Large Is South Africa's Venture Capital Market?

Mamor is entering a Southern African VC market that has expanded significantly, although structural challenges remain.

According to the 2025 Southern African Venture Capital and Private Equity Association (SAVCA) VC Industry Survey, the region ended 2024 with R13.35 billion in active VC investments across 1,325 deals, representing 24% year-on-year growth.

Indicator	2024 data
Active VC investments	R13.35 billion
Number of deals	1,325
Year-on-year growth	24%
ICT share of deal value	65.9%
Software share	20%
Fintech share	15.9%
Online markets share	7.6%

Technology remains the dominant part of the regional market. ICT-focused startups accounted for 65.9% of deal value in 2024, while software represented 20%, fintech 15.9%, and online markets 7.6%.

The numbers point to a market that is becoming deeper and more active. But growth in capital deployment does not eliminate the difficulty of securing later-stage financing.

Why Does Post-Revenue Funding Remain Difficult for South African Startups?

The challenge sits between two traditional financing models.

A startup that is still proving its idea may be considered too risky by banks. But once it has paying customers, it may still be too small, too young, or too risky for conventional debt financing.

That creates a financing gap for early-stage, post-revenue businesses that have commercial validation but need equity capital to scale.

The wider Southern African market also continues to face constraints around exits and follow-on funding. The 2025 SAVCA survey highlighted a constrained exit environment even as overall VC investment reached a record R13.35 billion in 2024.

For Mamor, this creates a clear investment thesis: back companies after they have demonstrated demand, but before they have reached the scale required to attract larger pools of institutional growth capital.

What Types of Startups Will Mamor Capital Fund?

Mamor will focus on technology businesses that can use digital tools to expand economic participation in South Africa.

Its mandate includes:

• Financial access
• Digital infrastructure
• Digital and financial services
• Technology that helps individuals and businesses access markets
• Businesses addressing broader barriers to economic participation

Co-founder and CFO Fuzlin Levy-Hassen said the firm is looking for companies that have moved beyond proving an idea and can demonstrate genuine commercial demand.

The approach gives Mamor a relatively clear distinction from funds that prioritize pre-revenue startups or businesses based primarily on future market potential.

Why Is the PIC's Investment Important for South Africa's VC Ecosystem?

The PIC's role could be significant beyond Mamor's own fund.

As South Africa's state-owned asset manager, the PIC provides an institutional anchor for a venture fund that is targeting technology companies at an early growth stage.

PIC Acting Chief Investment Officer Leon Smit said the investment gives the organization exposure to South Africa's venture capital market while supporting transformation. He also emphasized the potential role institutional investors can play in supplying the long-term capital needed to develop the country's VC ecosystem.

The PIC's involvement also helped Mamor mobilize additional institutional commitments.

Other investors in the fund include the High Impact Seed Fund of Funds, managed by the SA SME Fund, alongside the Technology Innovation Agency and the Small Enterprise Development and Finance Agency.

What Does Mamor Capital's First Close Mean for South African Founders?

The immediate impact is straightforward: Mamor can now begin deploying capital while continuing to raise toward its R550 million final target.

But the broader signal is arguably more important.

South Africa's VC market recorded 24% growth in active investments in 2024, yet founders continue to face challenges moving from initial commercial validation into the next phase of expansion.

Mamor is positioning itself directly within that gap.

Its strategy also adds another institutional fund manager to a market where increasing the number of local investors capable of identifying and supporting technology businesses remains important.

Ketso Gordhan, CEO of the SA SME Fund, said its investment through the High Impact Seed Fund of Funds is intended to strengthen the pool of local fund managers capable of backing promising technology companies.

For founders, the message is clear: revenue alone does not guarantee access to growth capital, but demonstrable commercial demand is becoming an increasingly important investment signal.

For institutional investors, Mamor's first close provides another example of how local capital can be directed toward South African technology companies while supporting the development of the country's venture ecosystem.

With US$18.8 million secured against a US$34.4 million target, Mamor Capital has now moved from fundraising to deployment. The next test will be whether its post-revenue strategy can translate customer traction into scalable companies and competitive returns for its institutional investors.

 

 

 

FAQs

1. How much did Mamor Capital raise in its first fund close?
Mamor Capital raised $18.8 million (R300 million) in the first close of its inaugural venture capital fund in August 2026.

2. What is Mamor Capital's total fund target?
Mamor Capital is targeting $34.4 million (R550 million) for its inaugural fund and is continuing fundraising after reaching the R300 million first close.

3. Which startups will Mamor Capital invest in?
The fund targets post-revenue South African technology businesses with paying customers and evidence of genuine commercial demand. It focuses on areas including financial access, digital infrastructure and technology that can expand economic participation.

4. Who is the anchor investor in Mamor Capital's fund?
The Public Investment Corporation (PIC) is the anchor investor. Additional commitments have come 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.

5. How large is Southern Africa's venture capital market?
Southern Africa recorded R13.35 billion in active VC investments across 1,325 deals in 2024, up 24% year on year, according to the 2025 SAVCA VC Industry Survey.