Ex-Vodacom dealmaker Mamokete Ramathe leads Mamor Capital to $18.8 million raise

Mamor Capital, a Black women-led venture firm co-founded and led by former Vodacom dealmaker Mamokete Ramathe, has raised R300 million ($18.8 million) in the first close of its debut fund to back early-stage, revenue-generating technology companies in South Africa.

The milestone follows more than three years of fundraising and puts the Johannesburg-based firm more than halfway toward its final target of 550 million rand ($34 million). With the initial pool secured, Ramathe’s team can now begin writing checks while seeking an additional 250 million rand to complete the round.

The Public Investment Corp. (PIC), Africa’s largest asset manager, anchored the fund. Additional backing came from the Technology Innovation Agency, the Small Enterprise Development and Finance Agency, and the High Impact Seed Fund of Funds, which is run by the SA SME Fund.

The fund targets a persistent blind spot in African venture finance: the “Series A gap.” While seed rounds have grown more common across the continent, startups that already earn revenue often struggle to secure larger, patient checks needed to hire staff, build infrastructure, and reach broader markets.

Mamor expands inclusive digital economic access

“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,” Mamokete Ramathe, the firm’s chief executive officer, said. “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 plans to inject equity into companies that have proven customer demand and are working to widen access to digital tools, financial services, and practical business networks across South Africa. South African institutions are increasingly stepping into local venture capital to prevent high-potential startups from relying solely on foreign checks.

Leon Smit, acting chief investment officer at the PIC, said large institutional funds must take a more active role in financing homegrown business builders. “Mamor Capital brings together an experienced investment team, a clear strategy, and a strong transformation proposition,” Smit 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.”

SA SME Fund Chief Executive Officer Ketso Gordhan noted that backing teams with operational backgrounds helps de-risk early-stage investing. “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,” Gordhan said.

Veteran financier redefines African venture capital

Ramathe spent two decades working across corporate finance, private equity, and infrastructure lending before launching Mamor. She previously ran mergers and acquisitions at telecom giant Vodacom Group Ltd., co-founded communications infrastructure group Vulatel (Pty) Ltd., and currently serves on the boards of two companies listed on the Johannesburg Stock Exchange.

Her team brings together decades of experience structuring large corporate transactions and navigating volatile market cycles. By pairing institutional discipline with venture risk, Mamor is betting that South Africa’s most resilient returns will come from companies solving everyday access problems for consumers and small merchants.