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Rand Capital Makes Largest Initial Funding of $3.8 Million with Caitec Inc.

Nov 17, 2020•almost 5 years ago

Amount Raised

$3 Million

Round Type

seed

BuffaloFinancial Services

Description

Rand Capital Corporation (Nasdaq: RAND) (“Rand”), a business development company, today announced that it recently funded an initial investment in Caitec Inc., a rapidly growing provider of specialty pet products. Rand invested $3.5 million through a 14% subordinated secured note and an additional $300,000 in Class A Preferred stock.

Company Information

Company

Rand Capital

Location

Buffalo, Kansas, United States

About

Rand Capital (Nasdaq: RAND) is an externally-managed business development company (BDC). The Company’s investment objective is to maximize total return to its shareholders with current income and capital appreciation by focusing its debt and related equity investments in privately-held, lower middle market companies with committed and experienced managements in a broad variety of industries. Rand invests in early to later stage businesses that have sustainable, differentiated and market-proven products, revenue of more than $2 million and a path to free cash flow or up to $5 million in EBITDA. The Company’s investment activities are managed by its external investment adviser, Rand Capital Management, LLC. Additional information can be found at the Company’s website where it regularly posts information: https://www.randcapital.com/.

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