- ACV Auctions raised $150 million in a Series E
- PostProcess raised $20 million in a Series B
Rand Capital Corporation (Nasdaq: RAND) (“Rand” or “Rand
Capital” or the “Company”), a business development company,
announced that two of its Buffalo, NY-based portfolio companies,
ACV Auctions, Inc. and PostProcess Technologies, Inc., have both
completed major financing rounds, raising $150 million and $20
million, respectively. The ACV Auctions financing was led by
Wellington Management Company and Fidelity Management &
Research Co. and included existing investors such as Bain Capital
Ventures, Bessemer Venture Partners and Tribeca Venture Partners.
The PostProcess Technologies round was led by Grand Oaks Capital,
an investment firm founded by businessman and philanthropist Tom
Golisano, the founder of Paychex Inc.
ACV Auctions is committed to being the most trusted way for
dealers to buy and sell used vehicles. The new capital will fuel
ACV Auctions’ investment in technology and data-driven solutions
that will help dealerships source and sell used vehicles. The ACV
Condition Inspection Report has become the gold-standard for the
automotive industry. Patent-pending products include Virtual Lift™,
an imaging tool that captures the undercarriage of vehicles,
solving an industry blindspot; and Audio Motor Profile (AMP), a
tool that captures a clear audio clip of the vehicle’s running
engine to expose its true condition. The new capital will also be
used to expand the company’s footprint across North America and
grow the ACV Auctions team, which currently stands at 1,000+
employees.
PostProcess Technologies was founded in 2014 and is the first
and only provider of automated and intelligent post-printing
solutions for industrial 3D printing. The new funding will
accelerate the company’s full-stack solution of proprietary
software, hardware, and chemistry with a focus on data analytics
and machine learning, and will also allow the company to
significantly increase its global go-to-market activity.
PostProcess is increasing its European footprint through its
investment in a new FINISH3D Benchmarking Lab, a technology
demonstration and customer support facility. It will host benchmark
test solutions as well as provide a training center for European
customers. The company also recently expanded its European channel
partner network with the addition of two leading distributors who
will service and support the French and Nordic markets.
Allen F. (“Pete”) Grum, President and Chief Executive Officer of
Rand Capital, commented, “We are pleased to be associated with
these dynamic companies and support their growth. For ACV Auctions,
this represents the largest round of venture capital in the history
of Buffalo-based companies, making it our area’s first unicorn. We
initially invested in both companies in 2016 based on their
management and innovativeness. We are proud to support their
efforts to further advance their respective businesses.”
The fair value of Rand’s investments in ACV Auctions and
PostProcess Technologies was $2.8 million and $300,000,
respectively, as of September 30, 2019. Rand was not a participant
in the latest financing round for either company, but did convert
its convertible note into PostProcess Technologies Series A1
preferred shares.
ABOUT ACV AUCTIONS
Headquartered in Buffalo, NY, ACV is an online, 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,
payment processing, arbitration management and transportation. 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 POSTPROCESS TECHNOLOGIES
PostProcess Technologies is the only provider of automated and
intelligent post-printing solutions for 3D printed parts. Founded
in 2014 and headquartered in Buffalo, NY, USA, with international
operations in Sophia-Antipolis, France, PostProcess removes the
bottleneck in the third step of 3D printing – post-printing –
through patent-pending software, hardware, and chemistry
technologies. PostProcess’s solutions automate additive
manufacturing’s most common post-printing processes with a
software-based approach, including support, resin, and powder
removal, as well as surface finishing, resulting in
“customer-ready” 3D printed parts. Its technology delivers
transformative results in decreased manual labor, reduced cycle
time, improved consistency and repeatability, and lower
scrap/re-print rates. The PostProcess portfolio has been proven
across all major industrial 3D printing technologies and is in use
daily in every imaginable manufacturing sector. For more
information, please visit www.postprocess.com.
ABOUT RAND CAPITAL
Rand Capital (Nasdaq: 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). Additional information can be found at the
Company’s website where it regularly posts information:
www.randcapital.com.
Safe Harbor Statement
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements concern future circumstances
and results and other statements that are not historical facts and
are sometimes identified by the words “may,” “will,” “should,”
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“project,” “predict,” “continue,” “target” or other similar words
or expressions. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove to be
incorrect, actual results may vary materially from those indicated
or anticipated by such forward-looking statements. The inclusion of
such statements should not be regarded as a representation that
such plans, estimates or expectations will be achieved. Important
factors that could cause actual results to differ materially from
such plans, estimates or expectations include, among others, (1)
evolving legal, regulatory and tax regimes; (2) changes in general
economic and/or industry specific conditions; and (3) other risk
factors as detailed from time to time in Rand Capital’s reports
filed with the Securities and Exchange Commission (“SEC”),
including Rand Capital’s annual report on Form 10-K for the year
ended December 31, 2018, later filed quarterly reports on Form
10-Q, the definitive proxy statement and other documents filed with
the SEC. Consequently, such forward-looking statements should be
regarded as Rand Capital’s current plans, estimates and beliefs.
Except as required by applicable law, Rand Capital 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/20191126005182/en/
Company: Allen F. ("Pete") Grum President and CEO Phone:
716.853.0802 Email: pgrum@randcapital.com
Investors: Deborah K. Pawlowski / Karen L. Howard Kei
Advisors LLC Phone: 716.843.3908 / 716.843.3942 Email:
dpawlowski@keiadvisors.com khoward@keiadvisors.com
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