Rand, Cofounder of Comelon, Dies at 84
Rand, a digital financial services company, announced on Thursday that founder Robert Rand, 84, has died at his home in Florida.
He was found at 8:15 a.m. local time, according to a tweet from his wife, Carol.
He has been in hospice care in Fort Lauderdale, Fla., since Sunday.
He had been hospitalized in recent days with a liver condition, according a company statement.
“Mr. Rand, who was born in Philadelphia, began his career in the financial services industry with Merrill Lynch.
He spent years working in Wall Street and in private equity, including stints as an equity advisor and managing director of a major private equity firm,” the statement said.
“In 1983, he joined the board of Citigroup as senior advisor and later became Cofact’s chairman.
He served on the board for over 20 years, including on the Cofactor board of directors, where he served as chair for 18 years.”
Mr., Rand, as well as his wife Carol, have three sons, Christopher, Jason and Daniel, and two grandchildren.
He will be greatly missed,” the company said.
Rand founded Comelons in 1977, but went public in 1989 with the purchase of a New York-based brokerage house, Comelonic Capital Management.
In 1991, he sold his share in the firm and co-founded his own company, Comels Financial, which has a market capitalization of $2.5 billion.
Rand was the founder of Comels Internet Services, which he sold to PayPal in 2011.
In 2011, he and his wife purchased the Comeloni Dolls business, a toy company that sold dolls for $25 each.
In January, Rand announced a $1 billion round of funding led by General Catalyst, an investment firm led by hedge fund manager James Donovan.
He also made a $400 million investment in a Chinese-based social-media company called Mycelium.
Rand and Comelos parent company, CFO Rand Boggs, were also investors in Mycelia, which is in the process of being acquired by Amazon.com.
The Comelono Dolls deal, which will be completed in 2018, was one of the first acquisitions made by Rand and Cofacts parent company Comelony, a unit of the C-corp of the U.S. conglomerate Berkshire Hathaway.