The firm is continuing to raise toward a target fund size of about $34.1 million.

The Public Investment Corporation (PIC) is the anchor investor in Mamor Capital Fund I.

Other 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.

The fund will back scalable South African companies that have progressed beyond the proof-of-concept stage and can demonstrate commercial demand.

Mamor Capital’s investment focus includes businesses using technology to improve access to digital and financial services and reduce barriers to economic participation.

“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,” said Mamokete Ramathe, founder and chief executive officer of Mamor Capital.

“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.”

The first close brings more institutional capital into a market where technology businesses often face a gap between early-stage funding and the larger rounds needed to expand operations, build teams, and reach new customers.

By targeting post-revenue companies, Mamor Capital will operate in the segment where businesses have begun validating their products but still require patient growth capital to scale.

PIC Acting Chief Investment Officer Leon Smit said institutional investors could play a larger role in developing South Africa’s venture capital market.

“Mamor Capital brings together an experienced investment team, a clear strategy, and a strong transformation proposition,” he said.

“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.”

The SA SME Fund’s investment is designed to strengthen the pool of local fund managers supporting 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,” said Ketso Gordhan, chief executive officer of the SA SME Fund.

For South Africa’s technology sector, the fund’s first close expands the supply of locally managed venture capital for businesses seeking to move from commercial traction to sustainable scale.

Mamor Capital’s continued fundraising will determine how much additional capital it can deploy into companies serving the country’s digital economy.