- ACV Auctions secured $93 million in
funding to support its explosive growth
- OnCore Golf Technologies announced
two new well-known shareholders
- PostProcess Technologies is
advancing 3D post-processing globally
Rand Capital Corporation (NASDAQ: RAND) (“Rand”), a venture
capital company which invests in growth businesses with unique
product, service or technology concepts, announced progress
reported by three of its portfolio companies. In December, ACV
Auctions, Inc., the leading dealer-to-dealer, online wholesale
automotive marketplace, announced that it secured $93 million in
Series D funding. OnCore Golf Technology, Inc., the innovator of
breakthrough golf ball technology, announced that Charles (“Chuck”)
Schwab, the founder and Chairman of Charles Schwab Corporation
(NYSE: SCHW), and Allen (“Mr. 59”) Geiberger recently became
shareholders in OnCore Golf. PostProcess Technologies Inc,
announced the opening of its first international office as well as
partnerships with industry leaders to advance 3D post-print
solutions globally.
Allen F. (“Pete”) Grum, President and Chief Executive Officer of
Rand Capital, commented, “It is very exciting to see the
significant progress being made by these three businesses as they
execute their strategic plans. Rand is proud to have been an early
investor in each of these Buffalo-based companies. Each is making
innovative strides that are disrupting the marketplaces in their
respective fields, changing the traditional landscape and driving
jobs.”
ACV Auctions
Since its initiation in June 2015, ACV now sells over 10,000
wholesale vehicles per month on its auction platform, representing
approximately 1% of all vehicles currently sold at auctions. ACV
currently operates in 85 markets coast to coast, up from 30 markets
at the start of 2018. The company recently secured $93 million in
Series D funding, contributing to a total of over $145 million in
funding since 2015. The new capital will enable ACV to invest in
products and engineering, expand the breadth of its platform and
provide new real-time data analytics to dealers. In addition, ACV
plans to continue its nationwide expansion to over 140 territories
in 2019. The company is growing headcount by about 30 people per
month, and now has approximately 500 teammates across the U.S., up
from 200 in early 2018.
“Thousands of dealers around the country are turning to ACV
Auctions as the trusted, transparent digital marketplace to buy and
sell their wholesale inventory,” said George Chamoun, ACV’s Chief
Executive Officer. “We have the resources to significantly increase
investment in our platform, grow our passionate team across the
country and continue to exceed dealers’ expectations.”
Despite already reaching an annual run-rate of selling $1
billion in gross merchandise per year, ACV still has tremendous
growth opportunities ahead. The automotive auction industry sells
approximately $100 billion in gross merchandise per year and there
is a large segment not currently sold through auction companies.
The market is large and ready for disruption, dealers are ready and
ACV Auctions is available to serve them.
OnCore Golf
Two iconic names in the world of finance and golf are now
shareholders in OnCore Golf – Chuck Schwab and Allen “Mr. 59”
Geiberger. Both bring a passion for golf and entrepreneurism that
fueled their interest in the company. Mr. Schwab, founder of
Charles Schwab Corporation, is known – in life and in business – as
an innovator. His was one of the first brokerage firms to embrace
the internet, employ automation to minimize transaction costs, and
offer customers an investing brokerage alternative. Al Geiberger
was the 1966 PGA Champion, the first PGA professional to record a
score of less than 60 in tournament play and the winner of 11 PGA
tournaments.
“It was an honor to be able to present OnCore’s story to Chuck.
His level of engagement and interest in seeing how he could help
the company advance was incredible,” said Keith Blakely, OnCore’s
Chairman and Chief Executive Officer. “In a very short time, it
became clear that we shared the same philosophical approach to
business – keeping our customer at the center of everything we do,
delivering the highest quality products and services, and always
working hard to lead, not follow, through innovation. Al is
likewise excited to support OnCore Golf, partnering with his friend
and golf partner, Chuck Schwab, to bring the best balls to players
everywhere.”
OnCore also recently announced the availability of their new and
improved AVANT golf ball for the 2019 season. Named the AVANT 55
and featuring 10 points lower in compression than the highly
successful AVANT ball, it is expected to deliver even more distance
off the tee.
PostProcess Technologies
During the fourth quarter of 2018, PostProcess Technologies
(“PPT”) accomplished several major milestones as it penetrates the
global additive manufacturing (“AM”) market. The company opened its
first international office and launched its product line in Europe.
The office, located in a technology hub near Nice, France, will
support the rapidly growing additive manufacturing market in
Europe.
Additionally, PPT and R�sler Oberflächentechnik GmbH, the
world’s best-seller of finishing systems for traditional
manufacturing, announced a strategic partnership to bring automated
post-print solutions to Europe. In the partnership arrangement,
R�sler was chosen to provide PPT’s data-driven support removal and
surface finishing solutions for all AM technologies to the European
market. Now R�sler will be the only surface finishing supplier
offering solutions tailored to the unique needs of both traditional
manufacturing and additive manufacturing.
Further, PPT announced a partnership with CUBRC, a leader in
machine learning research, development, testing, and systems
integration, to leverage their cutting-edge software suite for
PPT’s next-generation software platforms. The partnership with
CUBRC significantly advances PPT’s work on the full digitization of
AM through the post-print step for the Industry 4.0 factory
floor.
“Our technologies are already at work at many blue-chip
customers in the U.S., removing the post-printing bottleneck and
enabling the scaling of 3D printing for Industry 4.0. We are
excited by the very high interest in our solutions, expressed by
customers from many market segments worldwide, and we are now
pleased to satisfy this demand and bring our products to Europe,”
said Jeff Mize, Chief Executive Officer, PostProcess
Technologies.
PPT is recognized as the first and only provider of automated,
intelligent post-processing solutions for 3D printing support
removal and surface finishing. Historically, both functions had
exclusively been performed manually or using traditional
manufacturing machinery.
ABOUT ACV AUCTIONS
Buffalo-based ACV Auctions is an on-line, wholesale vehicle
marketplace that provides franchise and used-car dealerships a more
effective and transparent way of buying and selling wholesale
vehicles through 20-minute auctions. Its technology modernizes the
entire arc of auction operations, providing third-party
inspections, account management, title and payment processing,
managing arbitration and transportations. The company strives to be
the most trusted source in the industry for dealers to buy and sell
wholesale vehicles. To learn more, visit www.acvauctions.com.
ABOUT ONCORE GOLF
Buffalo-based OnCore Golf is dedicated to delivering
breakthrough technology and innovation, while inspiring golfers at
all skill levels and abilities. The company entered the golf ball
industry through development of the first-ever commercially
available USGA-confirming hollow metal core ball. The company has
since developed a growing suite of differentiated products
distributed world-wide that now includes the extremely accurate
CALIBER ball, the five star-rated low-compression AVANT 55, and the
top-performing ELIXR tour ball. For more information regarding
OnCore’s technology, team, and line of high performing golf balls,
please visit http://www.oncoregolf.com.
ABOUT POSTPROCESS TECHNOLOGIES
Buffalo-based PostProcess Technologies is the only provider of
automated and intelligent post-processing solutions for 3D printed
parts. PostProcess Technologies removes the bottleneck in the third
step of 3D printing – post-processing. Through patent-pending
technology, PostProcess Technologies delivers consistency and
scalability in addition to an increase in productivity. Customers
span many industries including aerospace, automotive, consumer
goods, defense and medical. For more information, please visit
www.postprocess.com.
ABOUT RAND CAPITAL
Buffalo-based Rand Capital (Nasdaq: RAND) provides investors the
ability to participate in venture capital opportunities through an
investment in the Company’s stock. Rand is a Business Development
Company (BDC) with a wholly owned subsidiary licensed by the U.S.
Small Business Administration (SBA) as a Small Business Investment
Company (SBIC). Rand focuses its equity investments in early or
expansion stage companies and generally lends to more mature
companies. The Company seeks investment opportunities in businesses
with strong leaders who are bringing to market new or unique
products, technologies or services that have a high potential for
growth. Additional information can be found at the Company’s
website where it regularly posts information:
http://www.randcapital.com/.
Safe Harbor Statement
This news release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
concerning future net asset value growth, investment returns and
opportunities as well as Rand’s plans for utilizing proceeds from
sales of portfolio companies when and if received. These statements
involve known and unknown risks, uncertainties and other factors
that could cause the actual results to differ materially from the
results expressed or implied by such statements, including general
economic and business conditions, conditions affecting the
portfolio companies’ markets, competitor responses, and market
acceptance of their products and services and other factors
disclosed in the Corporation’s periodic reports filed with the
Securities and Exchange Commission. Consequently, such
forward-looking statements should be regarded as the Corporation’s
current plans, estimates and beliefs. The Corporation assumes no
obligation to update the forward-looking information contained in
this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20190219005892/en/
Company:Allen F. ("Pete") GrumPresident and CEOPhone:
716.853.0802Email: pgrum@randcapital.com
Investors:Deborah K. Pawlowski / Karen L. HowardKei
Advisors LLCPhone: 716.843.3908 / 716.843.3942Email:
dpawlowski@keiadvisors.com / khoward@keiadvisors.com
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