Afrimax, a leading mobile network operator, has raised $120 million of growth funding from a consortium of investors led by Mitsui & Co., Limited will help the Netherlands-based company to accelerate the rollout of its leading edge LTE led business model across different locations of the African markets.
The investment round is led by Mitsui & Co., Ltd., along with a group of private investors led by Torreal, existing shareholders Four G Capital, the International Finance Corporation (IFC), a member of the World Bank Group.
Telecom and internet companies in Africa are taking advantage of the high demand for data even as more affordable smartphones are being brought into the market by various manufacturers. Only last week, Nigeria and Kenya were both ranked by Facebook as the two countries with the highest rate of mobile penetration in Africa; with Nigeria having about 15 million users, while Kenya has close to 5 million.
Afrimax, which already runs high-speed 4G networks in countries like Uganda, Tanzania and the Democratic Republic of Congo, is following on the heels of Smile Telecoms, which raised $365 million last week to extend its existing 4G LTE mobile network in three African countries.
Mr. Nobuaki Kitamori, the Chief Operating Officer of IT & Communication Business Unit of Mitsui & Co., Ltd. Said:
“We are excited by the growth opportunities in Sub Saharan Africa, where Afrimax has secured one of the industry’s largest footprints of 4G licenses, and plan to rapidly replicate the successful launch of Vodafone Uganda. With the support of our fellow Shareholders, we look forward to building one of the region’s leading next generation MNOs.”