Buffalo's Rand Capital Corp. announced Tuesday that it made a total of $370,500 in new investments two companies located in Philadelphia and Maine.
Vanguard Modular Building Systems, of Philadelphia, is receiving a $270,000 investment from Rand. Vanguard leases and sells high-end modular space solutions, such as classrooms for schools and modular complexes for healthcare, commercial and governmental applications.
The company currently has a fleet of more than 900 units, 98 percent of which are under lease. The local venture capital group's investment is part of a $20 million investment led by Deutsche Bank/Alex Brown.
Rand is also investing $100,500 in HCI Systems, a Wells, Maine-headquartered company which is a leader in facilities management software solutions. The HCI solution is designed to manage real property and assets more effectively, while saving time and money.
Allen "Pete" Grum, Rand's president, said HCI is an attractive investment due to the capabilities of its products.
"Effective property management is based on the skills of the manager and adequate and real-time information for decision-making. HCI's products provide such tools," Grum said.
Rand is a publicly-held venture capital company headquartered in Buffalo. Its investment strategy is to provide expansion capital and investment, as well as financial advisory services, to companies both inside, and outside of, the Western New York community.