To find out more visit the AMN website

We are very pleased to be raising additional funding for Africa Mobile Networks (AMN).

AMN builds and sustainably operates mobile network base stations in sub-Saharan Africa, connecting the unconnected rural population, which represents 200-300m people and is forecast to double by 2050.  

Many African countries have good mobile network coverage in cities but not in rural areas, because operators are unable to economically serve populations of less than 10,000 people due to high mobile tower capex and opex costs. 

AMN's technology is optimised for rural Africa, combining low power BTS transmitters with VSAT satellite technology directing traffic onto an existing network, and using solar panels to power the systems.

AMN has elite partners.  Africa’s largest telecom operators, Orange and MTN, have stated that AMN is their rural solution, providing live contracts in the largest target markets.  The European Investment Bank will provide 50% of the company’s total capex through debt, and Facebook has backed the company through a US$12m cash grant initially and bespoke proprietary software.

We are raising £1m for AMN at £7.54 per share and a pre-money valuation of £53.7m.

The company is targeting an exit in 5 years, based on multiples of 11x EBITDA, at US$1bn net of debt.

AMN does plan to raise additional funding for the rollout (both equity and debt), and with the number of shares it expects to issue, a US$1bn exit would equate to approx. £54 per share for Harwell investors.