Friendi Group secures additional US$25 million in financing

Pan-Arab MVNO Friendi Group has secured US$25 million of new funding to further accelerate expansion plans across the Middle East, Africa and Asia region.

Friendi was established in 2006 and operates as a MVNO and B-Brand enabler. Today it operates either MVNOs or B-brand partnerships in Oman, Jordan and Saudi Arabia.

The new funding for Friendi consists of US$10 million equity from new and existing shareholders, plus a US$ 15 million structured debt facility from Standard Bank. The sizeable new funding for Friendi is a vote of confidence from international financial institutions and investors in the company as well as the future potential of the region’s mobile telecommunications sector.

Commenting on the new funding Mikkel Vinter CEO & founder, Friendi Group 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 multi-market 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”.

The US$10 million equity element of this funding is provided partly by existing Friendi Group shareholders, led by Dolphin International of Oman, and partly by a new shareholder, National Technology Enterprises Company (NTEC) of Kuwait. NTEC is mandated by the Kuwait Council of Ministers with a clear strategy and goals, and was created to play a vital role in servicing major stakeholders in Kuwait with their technology needs. NTEC’s business model is that of a technology projects development company utilising investment tools such as private equity, venture capital and direct investments to initiate and stimulate technology projects in Kuwait and the local region.

The US$ 15 million structured debt facility has been provided by Standard Bank, a global bank with emerging market focus headquartered in South Africa. Standard Bank has operations in 32 countries across Africa, Europe and the Americas.