Produced from 1952 to 1959 by Wilhelm Witt of Hamburg. The name "Rapid" came from the adoption of a rapid winding lever. Sold very successful in the 1950s through the Sears mail order catalogue in the USA.
Their main claim to fame was the introduction of the first 35mm camera with an integrated electric motor wind. Unfortunately it was very expensive and sold poorly in Europe. It was much more successful in the USA where it was sold as the Graphic 35 Electric.
The company was acquired by Agfa in 1960(?) and the Iloca Electric was re-introduced as the Agfa Selecta m - only this time with a fixed f2.8 Solinar lens in place of the interchangeable bayonet mount.