# Rand Capital

> Nasdaq-listed business development company (ticker: RAND) based in Buffalo. Provides higher-yielding debt with equity kickers to lower middle-market companies (typical targets around $10M revenue and $1.5M+ EBITDA). Portfolio fair value was about $48.5M across 20 companies at year-end 2025. Not a classic seed VC — growth and debt-focused. Early historical investor in ACV Auctions.

## Profile

- **Typical check size:** $1M-$10M (stage-based estimate)
- **Founded:** 1969
- **Headquarters:** Buffalo, NY
- **AUM:** N/A
- **Rounds they lead:** Series B+
- **Rounds they invest:** Series A, Series B+

## Links

- [Website](https://www.randcapital.com)

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Source: https://venturecapitaltracker.com/fund/rand-capital