Global private equity and venture capital news and research

Intel Capital inks first investment in West Africa

10 Jul 2012

The venture capital arm of chipmaking giant Intel and Adlevo Capital Managers, a private equity fund manager focused on investments in technology-enabled businesses in sub-Saharan Africa, have partnered for a growth investment in cloud-based mobile software company Rancard Solutions.

Rancard was set up in 2001 and provides cloud-based software for mobile content discovery and delivery focused on Africa.

The company 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.

As voice-based average revenue per user declines, mobile operators are using the company’s content discovery platform to increase data revenues by delivering targeted content to subscribers.

“Africa is a market with attractive macro-economic trends which we believe will unearth great business opportunities for us,” said Arvind Sodhani, president of Intel Capital.

“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.”

The deal marks Intel Capital’s first investment in West Africa. The firm is represented in the region by Sam Mensah, who is investment director for sub-Saharan Africa.

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