Intel Capital, Intel’s global investment and M&A organisation, has announced its first venture in West Africa through a tech co-investment initiative with Adlevo Capital Managers.
The two private equity fund managers have completed an expansion investment into Ghana-based Rancard Solutions, a provider of cloud -d software for mobile content discovery and delivery, focused on Africa.
Rancard aims to expand its footprint further into the African market.
Christian Morales, Intel’s general manager for Europe, Middle East, and Africa said that, 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’s 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,” he continued.
Rancard has developed a cloud-based social recommendations engine called ‘Rendezvous’, which maps connections among mobile users and then uses this mapping of shared interests as a basis for recommending content to consumers.
It says that as voice-based average revenue per user declines, mobile operators are increasingly using its content discovery platform to profitably increase data revenues by delivering targeted content to their subscribers.
“Today’s investment will play a vital role in enabling us to expand our footprint across Africa on both a reputational and operational level,” said Kofi Dadzie, CEO of Rancard.
“We’re delighted that both Adlevo Capital and Intel Capital have agreed to come onboard at a time of such opportunity and are excited about working with such experienced and globally recognized partners.”
Yemi Lalude, managing partner of Adlevo Capital also added his voice, saying “Rancard is a perfect example of African entrepreneurs bringing world-class technology solutions to market.”
“The company is uniquely positioned to bridge the gap between content owners and mobile operators and is poised to benefit from the growth in mobile data services. Our lead investment in Rancard will leverage Adlevo Capital’s industry expertise gained from backing successful mobile value-added service companies in other geographies,” finished Lalude.