South African venture capital firm Mamor Capital Ventures has reached a ZAR 300 M (USD 18.8 M) first close for its inaugural fund, allowing it to begin investing in post-revenue technology businesses in South Africa. The Johannesburg-based, black women-owned firm is still raising toward its ZAR 550 M ($34 million) target after more than three years of fundraising.

The fund is anchored by the Public Investment Corporation (PIC), with commitments also from the SA SME Fund’s High Impact Seed Fund of Funds, Technology Innovation Agency, and Small Enterprise Development and Finance Agency.

Mamor will back commercially proven businesses using technology to expand financial and digital access and economic participation. The firm was founded by Mamokete Ramathe, who serves as CEO, and Fuzlin Levy-Hassen, its co-founder and CFO. Deployment is expected to begin immediately.

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