Mitsui has led a funding round for Afrimax as the telecoms company gears up to expand into several countries in Africa.

Netherlands-based mobile phone network operator Afrimax secured $120m in funding led by conglomerate Mitsui yesterday.

International Finance Corporation, the private sector investment arm of World Bank Group, and its subsidiary IFC Asset Management’s African, Latin American and Carribean Fund, as well as Four G Capital and Torreal also took part in the round.

Founded in 2010, Afrimax operates 4G phone networks in Sub-Saharan Africa, and will use the funding to expand into more markets. The company has already acquired licenses…