Rancard announced on Wednesday it had concluded its second round institutional investment led by Peninsula Capital, a private investment management company, based in Menlo Park, California.

Also participating were Intel Capital, Intel?s global investment and M&A organization.

Business24

A statement issued by Kofi Dadzie, Chief Executive of Rancard and copied to the Ghana News Agency Wednesday said.

The statement said other investors included Adlevo VAS Holdings an investment holding company managed by Adlevo Capital Managers.

It quoted Kofi Dadzie as saying: ?This investment will boost our efforts in growing a world class team, building critical partnerships and deepening our technology base as we continue to deliver compelling technology for mobile network operators, content and service providers across Africa.

?We?re 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.

The statement further quoted Robert King, founder of Peninsula Capital LLC, as having expressed the belief that Rancard had the potential to be a global software enterprise.

The statement said the focus of Rancard on mobile communications has positioned them to be on the leading edge of the space.

It again cited Marcin Hejka, Managing Director Intel Capital Eastern Europe, Middle East, Africa and Russia/CIS that ?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.?

Yemi Lalude, Managing Partner of Adlevo Capital said: ?This follow-on investment is 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.?

Rancard is a leader in social recommendations technology for mobile content and services. The rancardmobility.com cloud connects more than 70 mobile carriers including MTN, Airtel, Glo, Etisalat,Tigo, Vodafone in over 25 countries and three continents.

Source: GNA

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.