Afrimax Group’s plan to rollout its LTE-based business across Africa has received a major boost when it secured growth funding totalling US$120 million. The fund was provided by a consortium of investors led by Mitsui & Co.
Afrimax was founded by mobile telephony entrepreneurs Jay Metcalfe (Chairman), Peter Langkilde (Chief Executive Officer) and Rob Philpott (Chief Financial Officer).
This latest successful investment round in Afrimax Group is led by Mitsui & Co, 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.
Nobuaki Kitamori, COO of IT & Communication Business Unit of Mitsui & Co., 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 licences, 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.”
Torreal executives declared “We are pleased to be supporting Afrimax at this exciting time as the company expands services into new markets following the success of Vodafone Uganda”.
