MVNO operator Friendi Group has raised US$25m in new funding to back expansion plans across the Middle East, Africa and Asia, the company announced on 26 April.
The company currently offers services in Oman, Jordan and Saudi Arabia.
New and existing…
MVNO operator Friendi Group has raised US$25m in new funding to back expansion plans across the Middle East, Africa and Asia, the company announced on 26 April.
The company currently offers services in Oman, Jordan and Saudi Arabia.
New and existing shareholders contributed US$10m, while Standard Bank provided a US$15m structured debt facility. The shareholders are led by Dolphin International of Oman, and partly by a new shareholder, National Technology Enterprises Company (NTEC), which is a vehicle of the Kuwaiti government.
Interpreting the fundraising as a vote of confidence from international financial institutions and investors, Friendi CEO and founder Mikkel Vinter said: “FRiENDi GROUP continues to expand rapidly, and benefit from telecom markets across the Middle East, Africa, and Asia region moving towards increasingly segmented customer propositions. The new funding from distinguished financial institutions and investors supports FRiENDi GROUP’s vision of establishing a multimarket regional footprint. We are particularly delighted that the approval of the Standard Bank facility follows an exhaustive bankability review by Standard Bank of FRIENDI GROUP’S operations and its future prospects”.
