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Ghana's Rancard completes second investment round

Ghana's Rancard completes second investment round.

Mobile content and services delivery firm, Rancard, has concluded its second round of institutional investment.

The investment was led by Peninsula Capital, a private investment management company based in California in the US, it has been reported.

Other companies that participated in the investment process included Intel Capital - Intel’s global investment and Adlevo VAS Holdings, an investment holding company.

Speaking about the investment, Kofi Dadzie, chief executive Officer of Rancard said the investment would boost the company's efforts in growing a world class team, building critical partnerships and in deepening its technology base as it continued to deliver compelling technology for mobile network operators, content and service providers across Africa.

"We are delighted to have Mr (Robert) 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,” Dadzie said.

Marcin Hejka, managing director of Intel Capital Eastern Europe, Middle East, Africa and Russia, stated, “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.”

Tobi Oke, investment director for sub-Saharan Africa added that 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.

Managing partner of Adlevo Capital, Yemi Lalude 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.”

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