Netherlands-based mobile phone network operator Afrimax secured $120m in funding led by conglomerate Mitsui yesterday.
International Finance Corporation, the private sector investment arm of World Bank Group, and its subsidiary IFC Asset Management’s African, Latin American and Carribean Fund, as well as Four G Capital and Torreal also took part in the round.
Founded in 2010, Afrimax operates 4G phone networks in Sub-Saharan Africa, and will use the funding to expand into more markets. The company has already acquired licenses for 12 countries, covering a combined population of approximately 222 million.
IFC African Latin American and Caribbean Fund, Four G Capital, KGC Capital and angel investors previously provided $56m in funding in 2013.
In November 2014, Afrimax inked a strategic agreement with peer Vodafone and launched Vodafone Uganda in February 2015. Vodafone did not make an equity investment in Afrimax as part of that agreement.
Nobuaki Kitamori, chief operating officer of IT and communication business unit of Mitsui, 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 mobile network operators.”