Afrimax raises $120 investment from Mitsui & Co.

Afrimax Group’s recently received a $120 million growth found from Mitsui & Co., a consortium investor, to implement its LTE-based business across Africa.

"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", COO of IT & Communication Business Unit of Mitsui & Co. Nobuaki Kitamori said. “With the support of our fellow shareholders, we look forward to building one of the region’s leading next generation MNOs.”

The last round of investments in Afrimax Group was let by Mitsui & Co., a trading, investment and service enterprises headquartered in Tokyo, together with Torreal, a private investment firm in Spain, in addition to existing shareholders Four G Capital, the International Finance Corporation (IFC) and the IFC African, Latin American and Caribbean Fund, an investment fund managed by the IFC.

Afrimax was founded by mobile telephony entrepreneurs Jay Metcalfe, chairman, Peter Langkilde, CEO, and Rob Philpott, CFO.