Afrimax raises $120M for Africa high-speed broadband network

Mobile internet firm Afrimax Group has raised $120 million to fund the expansion of a high-speed broadband network in Africa, it said on Tuesday, the latest firm to jockey for position in the continent’s fast-growing consumer internet market.

The money has been raised from a consortium of investors led by Japan’s Mitsui & Co. Other investors were Spain’s Torreal and the International Finance Corporation, an investment arm of the World Bank.

Telecoms and internet companies are expanding in Africa to take advantage of growing demand for data-heavy services as more affordable smartphones encourage consumers to browse the internet, stream videos and download applications.

Read more: Afrimax raises $120 mln for Africa fast broadband network | Top News | Reuters