# Rand Capital: portfolio, investments and team

> Rand Capital is a vc firm based in United States. 30 investments on record, latest Oct 2015. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/rand-capital-llc (Millionrounds; every figure on the page links to its filing or article)

United States · [Investor](https://millionrounds.com/investors)

# Rand Capital

Last cheque observed Oct 2015. Silence since then is not evidence of inactivity: our sources miss unannounced rounds.

Email

Quiet New fund $1.2M, Aug 2009 VC firm Website unconfirmed

Seed Series A Series B Lower Middle Market

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Cheques on record

**0%** of best year **0** **cheques in 12 months**, 30 on record

Since the last cheque **4029** days **00** hrs **00** min **00** sec

Median round **$3.6M** Rounds led **0 of 30** Sole investor **5 rounds** Exits **2 from the portfolio** Mostly in **United States, 100%**

Pitch Rand Capital

## Rand Capital highlights

- 01 30 rounds on record
- 02 Mostly Venture and Series B: 61% of its rounds
- 03 Sole investor in 5 rounds, median $1.0M
- 04 2 exits from the portfolio

## What they do

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** Not stated
- **Stages:** Seed Series A Series B Growth
- **Sectors:** Lower Middle Market
- **Based in:** Buffalo, United States
- **Cold pitches:** Not stated

A website was listed for this organisation, but we could not confirm it belongs to the firm that wrote these cheques. Either the site never mentions them, or it turned out to be a different company sharing the name. We show neither it nor anything read from it. [Tell us the right one](https://millionrounds.com/corrections?slug=rand-capital-llc).

## The record

Every round we can evidence, newest first **30 appearances**

- **2015** 5 rounds
- **Oct** **[Rheonix](https://millionrounds.com/company/rheonix)** Venture · US **$29M** With 5 others
- **Sept** **[City Dining Cards](https://millionrounds.com/company/city-dining-cards)** Series B · US **$2.0M** Sole investor
- **Sept** **[SciAps](https://millionrounds.com/company/sciaps)** Venture · US **$4.3M** With 2 others
- **Apr** **[Genicon](https://millionrounds.com/company/genicon)** Series B · US **$4.0M** With 1 other
- **Jan** **[GiveGab](https://millionrounds.com/company/givegab)** Seed · US **$1.4M** With 4 others
- **2014** 6 rounds
- **Sept** **[Tilson](https://millionrounds.com/company/tilson)** Venture · US **$250K** With 1 other
- **Jul** **[Knoa Software](https://millionrounds.com/company/knoa-software)** Series B · US **$5.1M** With 3 others
- **Jul** **[Chequed.com, Inc.](https://millionrounds.com/company/chequed-com-inc)** Series A · US **$2.5M** With 1 other
- **Jul** **[Empire Genomics](https://millionrounds.com/company/empire-genomics)** Series A · US **$1.0M** Sole investor
- **Jun** **[Rheonix](https://millionrounds.com/company/rheonix)** Venture · US **$14M** With 1 other
- **Feb** **[CrowdBouncer](https://millionrounds.com/company/crowdbouncer)** Series A · US **$438K** With 1 other
- **2013** 8 rounds
- **Dec** **[Rheonix](https://millionrounds.com/company/rheonix)** Series C · US **$12M** With 1 other
- **Nov** **[SciAps](https://millionrounds.com/company/sciaps)** Venture · US · finsmes.com **$2.5M** With 2 others
- **Nov** **[KnowledgeVision](https://millionrounds.com/company/knowledgevision)** US · finsmes.com **$3.6M** Sole investor
- **Jul** **[SciAps](https://millionrounds.com/company/sciaps)** Seed · US · finsmes.com **$1.3M** With 1 other
- **May** **[Chequed.com](https://millionrounds.com/company/chequed-com)** Series B · US · finsmes.com **$2.0M** With 1 other
- **Apr** **[SocialFlow](https://millionrounds.com/company/socialflow)** Series B · US · finance.yahoo.com **$10M** With 6 others
- **Mar** **[GiveGab](https://millionrounds.com/company/givegab)** Series A · US · pr.com **$1.2M** With 2 others
- **Mar** **[GiveGab](https://millionrounds.com/company/givegab)** Seed · US **$2.6M** With 3 others
- **2012** 3 rounds
- **Dec** **[Knoa Software](https://millionrounds.com/company/knoa-software)** Series A · US · businesswire.com **$7.5M** With 4 others
- **Nov** **[QuaDPharma](https://millionrounds.com/company/quadpharma)** Venture · US · menafn.com **$1.0M** With 1 other
- **Apr** **[Liazon](https://millionrounds.com/company/liazon)** Series D · US · liazon.com **$18M** With 4 others
- **2011** 2 rounds
- **Dec** **[BinOptics](https://millionrounds.com/company/binoptics)** Venture · US · freshnews.com **$13M** With 8 others
- **Apr** **[Liazon](https://millionrounds.com/company/liazon)** Series C · US · buffalonews.com **$13M** With 2 others
- **2008** 1 round
- **Dec** **[SOMS Technologies](https://millionrounds.com/company/soms-technologies)** Series B · US · microgreenfilter.com **$250K** Sole investor
- **2007** 1 round
- **Jan** **[Innov-X Systems](https://millionrounds.com/company/innov-x-systems)** Venture · US · innovx.com **$29M** With 2 others
- **2006** 2 rounds
- **Oct** **[Synacor](https://millionrounds.com/company/synacor)** Series C · US · synacor.com **$17M** With 6 others
- **Jan** **[Kionix](https://millionrounds.com/company/kionix)** Venture · US **$240K** Sole investor
- **2004** 2 rounds
- **Feb** **[Synacor](https://millionrounds.com/company/synacor)** Venture · US **Undisclosed** With 4 others
- **Jan** **[D’Lisi Food Systems](https://millionrounds.com/company/d-lisi-food-systems)** Venture · US **$4.2M** With 2 others

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **11 named**

AF **Allen F Grum** Executive Officer, Director i Filing they signed

BW **Brechtel W Margaret** Chief Financial Officer i Form ADV

DP **Daniel Patrick Penberthy** Co-Chief Executive Officer i Form ADV

EE **Erland E Kailbourne** Director i Filing they signed

JK **Jayne K Rand** Director i Filing they signed

KM **Kristen Marie Cammarata** Chief Compliance Officer i Form ADV

OS **Oliver Scott Barfield** Co-Chief Executive Officer i Form ADV

RB **Reginald B Newman** Director i Filing they signed

RM **Robert M Zak** Director i Filing they signed

RB **Ross B Kenzie** Director i Filing they signed

WS **Willis S McLeese** Director i Filing they signed

We also hold **13** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

## What the register says

From the firm's own filings with the SEC, which it must file accurately by law

**$137M** assets it manages Oct 2026

**Registered** investment adviser full reporting to the SEC

- **Legal name:** RAND Capital Management LLC
- **SEC number:** CRD 304504

Funds on its Form ADV

**2** private funds, **$77M** in gross assets · filed Oct 2024

- Callodine Strategic Credit Fund II, L.P. *Private equity* 7 investors $47M
- Bluearc Mezzanine Partners I, L.P. *Private equity* 4 investors $30M

## What they claim to have backed

From their own portfolio page (on their website)

**0** of 1 we have independently watched raise

Valuation Policy

Weaker than a round we watched, stronger than a list somebody sold us. A firm is far less willing to put a company on its own site that it never funded.

## Exits from the portfolio

Companies it backed that were later bought or listed **2 in all**

**[BinOptics](https://millionrounds.com/company/binoptics)** Bought by M/A-COM Technology Solutions **$230M** Nov 2014

**[Innov-X Systems](https://millionrounds.com/company/innov-x-systems)** Bought by Olympus Corporation **Undisclosed** Jul 2010

An exit counts when it came after the firm's first round in the company. From historical deal records.

New fund on file

**$1.2M**

raised in Aug 2009

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Seed Series A Series B

Median round joined **$3.6M** the round, not its cheque Alone, median **$1.0M**

Led 0 of 30 rounds **0%**

- **Sole investor:** 5 rounds
- **Last cheque:** Oct 2015
- **Exits:** 2 from the portfolio

Rounds by stage said on their site

- Venture *11*
- Series B said *6*
- Series A said *5*
- Series C *3*
- Seed said *3*
- Growth said *-*

Cheques by year Led Joined

2004 2015

Often in the room with

- [Advantage Capital](https://millionrounds.com/fund/advantage-capital) 8
- [Cayuga Venture Fund](https://millionrounds.com/fund/the-cayuga-fund) 6
- [Gefinor Capital](https://millionrounds.com/fund/gefinor-capital) 5
- [Cayuga Venture Fund](https://millionrounds.com/fund/cayuga-venture-fund-2) 3
- [Great Oaks Venture Capital](https://millionrounds.com/fund/great-oaks-venture-capital) 3
- [Ascent Venture Partners](https://millionrounds.com/fund/ascent-venture-partners) 2

**Pitching Rand Capital?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Rand Capital. A count of rooms they were both in, not a relationship either has claimed.

[**Advantage Capital** Corporate VC **8** rounds together](https://millionrounds.com/fund/advantage-capital)[**Cayuga Venture Fund** VC firm **6** rounds together](https://millionrounds.com/fund/the-cayuga-fund)[**Gefinor Capital** Investment firm **5** rounds together](https://millionrounds.com/fund/gefinor-capital)[**Cayuga Venture Fund** VC firm **3** rounds together](https://millionrounds.com/fund/cayuga-venture-fund-2)[**Great Oaks Venture Capital** VC firm **3** rounds together](https://millionrounds.com/fund/great-oaks-venture-capital)[**Ascent Venture Partners** VC firm **2** rounds together](https://millionrounds.com/fund/ascent-venture-partners)[**Bain Capital Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/bain-capital-ventures)[**CEI VENTURES, INC.** VC firm **2** rounds together](https://millionrounds.com/fund/cei-ventures-inc)[**Coastal Ventures** VC firm **2** rounds together](https://millionrounds.com/fund/coastal-ventures)[**Crystal Internet Venture Funds** VC firm **2** rounds together](https://millionrounds.com/fund/crystal-internet-venture-funds)[**Enhanced Capital Partners** VC firm **2** rounds together](https://millionrounds.com/fund/enhanced-capital-p)[**Excell Partners** VC firm **2** rounds together](https://millionrounds.com/fund/excell-partners-inc)

## Quick answers about Rand Capital

### What does Rand Capital invest in?

Rand Capital invests most often at Venture and Series B (61% of the rounds on record), in sectors such as Lower Middle Market.

### How active is Rand Capital?

30 investments on record, 0 of them in the last 12 months. The most recent was in Oct 2015.

### How big are Rand Capital's cheques?

The median round it joins is $3.6M.

### Does Rand Capital lead rounds?

Rarely, if at all: none of its 30 investments on record names it as the lead.

### Where does Rand Capital invest?

Most of the companies it backs are in the United States (100%).

### Is Rand Capital investing now?

No investments in the last 12 months; the latest was in Oct 2015.

### Who does Rand Capital invest alongside?

Most often Advantage Capital (8 rounds together), Cayuga Venture Fund (6 rounds together) and Gefinor Capital (5 rounds together).

### What kind of investor is Rand Capital?

Rand Capital is a VC firm based in Buffalo, United States.

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