Rancard, a Ghana-based mobile services software company, which also has offices in Nigeria and Mauritius, has closed its second round of investment led by Peninsula Capital, the venture investment vehicle of US businessman Robert King, and including existing investors Intel Capital, the corporate venturing and strategic investment unit of semiconductor chip maker Intel, and Adlevo Capital, a Nigeria-based private equity firm. The amount of funding is undisclosed.
Intel Capital and Adlevo Capital led Rancard’s first round of investment in July 2012.
Kofi Dadzie, Rancard’s chief executive officer and founder, 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.”
Marcin Hejka, managing director Intel Capital Eastern Europe, Middle East, Africa and Russia/CIS, said: “Intel Capital continues to believe in the tremendous growth opportunity in the technology ecosystem across the continent.”
Tobi Oke, Intel Capital’s investment director for Sub-Saharan Africa, said: “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.”
Yemi Lalude, managing partner of Adlevo Capital, said: “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.”