The Ghanaian based telecommunications network has received the funds from Vantage Capital, a South African based mezzanine debt provider to expand its 4G LTE network in the West African country as well as grow its product distribution and marketing network.
“We are delighted to announce that we have made our third investment outside of South Africa. Over the last five years, Vantage has reviewed over 600 investment opportunities and we consider Surfline to be one of the most exciting deals we have seen,” said Luc Albinski, managing partner at Vantage.
By deploying Ghana’s first 4G LTE mobile network, Surfline will be able to offer internet connectivity at a speed 10 times faster than the average speeds of the existing mobile network operators.
John Taylor, Surfline’s executive chairman added, “Vantage provided us with growth capital in a shareholder-friendly structure that we required to expand the business by supplementing the existing financing in place.”
Since Surfline’s network does not rely on the limited fixed line telecommunications infrastructure in Ghana, the company is able to rapidly roll-out its services across its coverage area.
Yaw Keteku, associate partner at Vantage added that since Surfline’s launch in August 2014, it has experienced tremendous growth in its consumer and corporate customer bases.
“Under John Taylor’s visionary leadership, Surfline has assembled a team of highly-skilled professionals and technical partners who have built a first class communication network to meet Ghana’s ever-growing data demand. We have developed a close working relationship with the Surfline team and we look forward to supporting the business as it grows,” Keteku said.
Surfline is Vantage’s second investment in Ghana after its 18.5 million US dollars commitment to an independent power producer, Genser Energy that is currently being used to commission a 30 megawatt power plant.
(WATCH VIDEO: Vantage Commits R280 million to Genser Energy)
Mutle Mogase, Vantage’s chairman said that with these investments, the fund is contributing almost 50 million US dollars towards the improvement of Ghana’s infrastructure.
“The developmental multiplier effect of increased power generation capacity and high-speed internet will drive further economic growth in the country,” Mogase said.