Rancard, a West African social recommendation technology company, has secured a second round institutional investment from a consortium of investor led by Peninsula Capital, a private investment management company, based in the US.
Other partakers in the investment include existing investors like Intel Capital, Intel’s global investment and M&A organization and Adlevo VAS Holdings an investment holding company managed by Adlevo Capital Managers (Adlevo Capital), the technology-focused African private equity firm.
Rancard, which received its first institutional investment from Adlevo and Intel Capital in July 2012, said it has strengthened its management bench, deepened its product technology and is better positioned in its expansion to key markets across the African Continent.
“This investment will boost our efforts in growing a world class team, building critical partnerships and in deepening our technology base as we continue to deliver compelling technology for mobile network operators, content and service providers across Africa,” Rancard CEO, Kofi Dadzie said.
“This follow-on investment is a recognition of the exciting progress made by Rancard since our initial investment in July 2012. As the mobile value-added services industry transitions from SMS to voice and Data-based offerings, Rancard is in a key position to help its customers drive significant incremental revenue,” added Yemi Lalude , Managing Partner of Adlevo Capital.
Meanwhile, Dadzie expressed delight on having Robert King, an experienced Silicon Valley -based venture investor and founder of Peninsula Capital LLC, on board. “His presence”, he said, will “help deepen the wealth of experience knowledge and access available to Rancard”.
Peninsular Capital founder, Robert king believes Rancard has the potential to be a global software enterprise.
Their focus on mobile communications, positions them to be on the leading edge of this space, he said.
Speaking on the investment, Tobi Oke, Investment Director for Sub-Saharan Africa, saud “Rancard’s focus on cloud-based mobile software puts it in a unique position to take advantage of the rapid growth of mobile phone usage in the region, and will help accelerate the uptake of technology and online services.”
“Companies like Rancard play a big role in the region’s economic growth, and it is our mission to foster technology innovation on the continent,” Managing Director Intel Capital Eastern Europe, Middle East, Africa and Russia /CIS, Marcin Hejka concluded in his remark.
