RAND CAPITAL CORP

# RAND CAPITAL CORP

Based in Buffalo, New York, Rand Capital Corporation operates as a business development company providing growth capital to private businesses across the lower middle market. The firm deploys capital through two primary strategies: subordinated debt instruments paired with warrants or preferred equity, and direct venture capital investments. The company targets early to late-stage private enterprises, typically investing between $0.75 million and $5 million per transaction with an initial target size of $1.5 million.

The firm focuses its investment activity on companies with either revenues exceeding $10 million or EBITDA between $1.5 million and $5 million. Preferred sectors include software, professional services, manufacturing, consumer products, healthcare, and automotive businesses. Rand Capital concentrates its geographic investments in East Coast and Midwest operations, deliberately excluding real estate from its investment mandate. The company typically pursues minority ownership positions while seeking board representation in portfolio companies, with a standard holding period of up to five years before exit.