Afrimax Group secures $120m of growth funding from global investors – Leading LTE operator in Sub-Saharan Africa

Internet

Afrimax Group, a fast emerging mobile network operator, has secured $120m of growth funding from a consortium of investors led by Mitsui & Co., Ltd. to accelerate the rollout of its leading edge LTE led business model across multiple African markets.

This latest successful investment round in Afrimax Group is led by Mitsui & Co., Ltd., one of the world’s most diversified and comprehensive trading, investment and service enterprises headquartered in Tokyo, together with a number of private investors spearheaded by Torreal, one of the largest private investment firms in Spain, in addition to existing shareholders Four G Capital, the International Finance Corporation (IFC), a member of the World Bank Group, and the IFC African, Latin American and Caribbean Fund, an investment fund managed by the IFC Asset Management Company.

This sizeable equity investment from a reputable consortium of investors is the latest in a series of endorsements of the success of Afrimax Group’s business model.

In November 2014, Vodafone and Afrimax Group jointly announced a non-equity strategic framework agreement to cooperate and explore opportunities for Partner Market agreements in the sub-Saharan Africa region.

Under this framework agreement, Vodafone Uganda was launched in February of this year combining the deployment of new high speed 4G networks with the use of existing infrastructure for 2G and 3G services.
Source: Company Press Release