African Rainbow Capital (ARC) has invested in 20% of network operator Rain.
ARC is a fully black-owned and controlled investment company.
Rain has rolled out over 1,000 sites and 1,500 base stations to date, and said it is on track to meet its target of 2,000 sites by the end of the year – and 5,000 within three years.
“The additional equity capital raised from ARC, over and above the funding already in place, ensures that we have the capital to achieve our aggressive roll-out targets over the next three years,” said Rain CEO Duncan Simpson-Craib.
Rain also recently entered an agreement with Internet Solutions, which is providing wholesale services for the Rain network to local ISPs.