By Alfred K Dogbey
A leading Ghanaian owned international company, Rancard in social recommendations technology for mobile content and services has announced that it has concluded its second institutional investment round led by Peninsula Capital, a private investment management company, based in Menlo Park, California.
A statement issued by officials company said “participating in the round were existing investors, Intel Capital, Intel’s global investment and M&A organization and Adlevo VAS Holdings an investment holding company managed by Adlevo Capital , a technology-focused African private equity firm”.
Chief Executive Officer (C.E.O) of Rancard, Mr. Kofi Dadzie commenting on the investment said “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”.
He expressed gratitude that “we are delighted to have Mr. King, an experienced Silicon Valley-based venture investor join Adlevo and Intel Capital to deepen the wealth of experience, knowledge and access available to Rancard”.
Rancard in July 2012 received its first institutional investment from Adlevo and Intel Capital and has since strengthened its management bench, deepened its product technology and is better positioned in its expansion to key markets across the African continent.
According to Robert King founder of Peninsula Capital LLC, “he believed 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”.
Managing Director of Intel Capital, Marcin Hejka said “Intel Capital continues to believe in the tremendous growth opportunity in the technology ecosystem across the continent. 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.”
On the part of Mr. Tobi Oke, Investment Director for Sub-Saharan Africa, “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.”
Meanwhile, Managing Partner of Adlevo Capital, Mr. Yemi Lalude also added that “the investment is in 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”.