Mamor Capital reaches $18.8 million first close for South African tech fund
The black women-owned VC firm secured R300 million for its debut fund, with the Public Investment Corporation as anchor investor.
AfroEuropa Newsroom
AfroEuropa desk
Mamor Capital Ventures, a South African venture capital firm, has completed the first close of its inaugural fund at R300 million (about $18.8 million), according to TechCabal and ITWeb.
The Public Investment Corporation (PIC), described as South Africa's largest asset manager, served as the fund's anchor investor. Mamor is continuing to raise toward a total target of R550 million (about $34.375 million).
The firm plans to back South African technology companies that already have paying customers, focusing on businesses positioned to scale. According to TechCabal, Mamor aims to address a gap in which startups with working products and paying users still struggle to secure funding for their next growth stage.
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