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Intel makes second Africa investment with Ghana’s Rancard

Africa’s tech hubs are coming into their own and now more than ever, the continent is ripe for the taking. It seems Intel is in agreement. The chip maker has announced that it will invest in a cloud company based in Ghana, reports The Next Web.

The company in question, Rancard Solutions Limited (“Rancard”), claims to be “a leading provider of cloud based software for mobile content discovery and delivery, focused on Africa”.

Kofi Dadzie, CEO of Rancard, believes the investment “will play a vital role in enabling us to expand our footprint across Africa” which will aid the company with operational, as well as “reputational”, growth.

“Intel Capital has made its first ever Ghana investment in Rancard Solutions, a provider of cloud-based mobile software. Ghana marks the 52nd country Intel Capital has invested in globally and is the second investment in Africa following the 2011 investment in South Africa’s Altech,” says Intel.

The chip maker joins Adlevo Capital Managers, a private equity fund manager focused on investments into technology-enabled businesses in sub-Saharan Africa, who are also investing in the cloud company.

“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,” says Arvind Sodhani, President of Intel Capital and Intel Executive Vice President.

The deal marks Intel Capital’s first investment in West Africa. Neither parties have disclosed the amount of the deal at present.

Author Bio

Mich Atagana
Mich started out life wanting to be a theoretical physicist but soon realized that mathematics was required. So, she promptly let go of that dream. She then decided that law might be the best place for her talents, but with too many litigation classes missed in favour of feminist... More