money cash

Afrimax, the broadband ISP, has been able to secure $120 million in growth funding which will accelerate its launch of LTE services.

The growth fund came from a group of investors which consisted of Mitsui & Co. Ltd, Torreal, Four G Capital and the International Finance Corporation (IFC).

Commenting on the successful round of funding, Mr. Nobuaki Kitamori, COO 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.”

The battle for subscribers will only get tougher as just last week, Smile technologies raised $365 million for the purpose of also expanding its 4G LTE mobile broadband services in Nigeria, Tanzania, Uganda and Democratic Republic of Congo.

Photo Credit: i_spec via Compfight cc

Ibukun Taiwo | Author

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