Intel Capital, the corporate venturing unit of the eponymous US-based chipmaker, has sealed its first deal in West Africa today, backing Rancard, a Ghana-based mobile content discovery and delivery company.
Intel Capital was joined by private equity firm Adlevo Capital Managers backing Rancard.
Rancard was launched in 2001.
Arvind Sodhani, president of Intel Capital, said: “Africa is a market with attractive macro-economic trends which we believe will unearth great business opportunities for us. With technological developments playing a key role in the region’s economic growth, we are seeking out Africa’s leading technology companies and great entrepreneurs as part of our mission to foster technology innovation globally.”
Christian Morales, general manager, Europe, Middle East, Africa of Intel Corporation said: “As a business Rancard provides a wide range of services that are well placed to meet consumers’ rapidly shifting demands, particularly as the market for cloud based mobile content grows. It is a company that has a promising future and one we feel could benefit not just from access to our capital, but also from our global network and technological expertise.”