The round was led by Mitsui & Co., with participation from private investors Torreal, Four G Capital, International Finance Corporation (IFC), and the IFC African, Latin American and Caribbean Fund.
The company intends to use the funds to accelerate the rollout of its LTE led business model across multiple African markets.
Founded by mobile telephony entrepreneurs Jay Metcalfe (Chairman), Peter Langkilde (Chief Executive Officer) and Rob Philpott (Chief Financial Officer), Afrimax is building a portfolio of 4G wireless broadband networks across sub-Saharan Africa. It currently has an existing 4G Licence presence covering 12 countries, with a population under coverage of 222m.
In November 2014, Vodafone and the company announced a non-equity strategic framework agreement to cooperate and explore opportunities for Partner Market agreements in the sub-Saharan Africa region. Under this agreement, Vodafone Uganda was launched in February 2015.