Telecom network operator Afrimax Group has secured $120 million funding from investors led by Mitsui & Co to speed up its LTE business in African markets.
Other investors in Afrimax Group include Torreal, a private investment firm 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.
In November 2014, Vodafone and Afrimax Group announced an agreement for Partner Market agreements in the sub-Saharan Africa region, and unveiled Vodafone Uganda in February this year deploying 4G networks with the use of existing infrastructure for 2G and 3G services.
Jay Metcalfe (chairman), Peter Langkilde (chief executive officer) and Rob Philpott (chief financial officer) are the founders of Afrimax. Afrimax has an existing 4G license footprint covering 12 countries across sub-Saharan Africa.
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