Afrimax Group has announced that it has secured USD120 million of growth funding from a consortium of investors to accelerate the rollout of its 4G-led business model across a number of African markets. The consortium is led by Mitsui & Co., a trading, investment and service enterprise headquartered in Tokyo, together with a number of private investors spearheaded by Spanish investment firm Torreal, in addition to existing shareholders Four G Capital, the International Finance Corporation (IFC) and the IFC African, Latin American and Caribbean Fund. Nobuaki Kitamori, COO of the IT & Communication Business Unit of Mitsui & Co., commented: ‘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 mobile network operators (MNOs).’
Established in 2010, Netherlands-based Afrimax has built up a portfolio of 4G TD-LTE spectrum licences covering twelve countries and a population of 222 million across sub-Saharan Africa. In November 2014 it entered into a Partner Markets Agreement with UK-based Vodafone Group, under which Vodafone Uganda was launched in February of this year, combining newly deployed 4G networks with existing 2G and 3G infrastructure.