Genicon Receives Investment from Rand Capital

Genicon Inc. has received the first $500,000 in a $4 million equity capital infusion investment from Rand Capital Corporation. Rand’s primary co-investor is Advantage Capital Partners, a venture capital firm that invests in entrepreneurial small businesses in communities that are underserved by traditional sources of capital. Based in Winter Park, Fla., Genicon surgical instrumentation focused exclusively on laparoscopic surgery.

Genicon was recently awarded two 36-month group purchasing agreements with the Premier Healthcare Alliance for its full range of Endomechanical products and Trocar products. The business has long-standing distribution agreements in a number of international markets including the United Kingdom, Italy, Spain, South Korea, South Africa, the Middle East and China, as well as the U.S. market. In 2014, Genicon was recognized for its significant contributions to the expansion of U.S. exports by the U.S. Department of Commerce, having been awarded the President’s “E” Award for Exports.  

“Genicon is an innovative and exciting venture in the healthcare field and has demonstrated the success of its products with double digit growth in sales,” Daniel P. Penberthy, Rand’s executive vice president. “While the business is outside our typical geographic investment region, our trusted and frequent co-investment partner, Advantage Capital Partners, introduced us to Genicon. After review, we readily understood their excitement about the company’s technologies, unique market segment and opportunities for future growth and market expansion.”

“This growth capital will enable us to expand our sales and marketing efforts and continue product development in order to gain scale in our markets,” said Gary Haberland, founder and CEO of Genicon. “Rand and Advantage are strong partners for us and we appreciate their confidence in our technology and growth plans.”

Rand Capital is based in Buffalo, N.Y. and focuses its investments in early or expansion stage companies with strong leadership that are bringing to market new or unique products, technologies or services that have a high potential for growth.