Mobile content discovery software and services firm Rancard has concluded its second institutional investment round led by Peninsula Capital with participation from existing investors, Intel Capital and Adlevo Capital in a move that will see it expand its services across Africa and grow its portfolio.
Speaking on the deal, Kofi Dadzie, CEO of Rancard, 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. 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”.
This second round follows Rancard’s first investment round in July 2012 from Adlevo and Intel Capital which was used to strengthen its management, deepen its product technology and positioned it for expansion to key markets in Africa.
The rancardmobility.com cloud connects over 70 mobile carriers including MTN, Airtel, Glo, Etisalat, Tigo, Vodafone in over 25 countries and 3 continents, and is used by brands including Google, IrokoTV, BBC, MTV, ESPN, VOA.
Though TechMoran is yet to establish the exact amount of the deal, Robert King, founder of Peninsula Capital LLC, said he 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.
Yemi Lalude, Managing Partner of Adlevo Capital said the follow-on investment is a recognition of the exciting progress made by Rancard since Intel Capital’s 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,” said Lalude.
Rancard has offices in Lagos, Accra and Mauritius and was founded in 2001 by Kofi Dadzie and Ehizogie Binitie.