Rand Capital Announces Significant Progress Reported by Several Portfolio Companies

  • ACV Auctions secured $93 million in funding to support its
    explosive growth
  • OnCore Golf Technologies announced two new well-known
  • PostProcess Technologies is advancing 3D post-processing globally

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 Rösler
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, Rösler was chosen to provide PPT’s data-driven support
removal and surface finishing solutions for all AM technologies to the
European market. Now Rösler 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.


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.


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.


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.


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.
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


Allen F. (“Pete”) Grum
President and
Phone: 716.853.0802
Email: pgrum@randcapital.com

Deborah K. Pawlowski / Karen L. Howard
Advisors LLC
Phone: 716.843.3908 / 716.843.3942
Email: dpawlowski@keiadvisors.com
/ khoward@keiadvisors.com

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