Sarona Asset Management announced its Sarona Frontier Markets Fund has committed US$1,500,000 in the Africa Telecommunications, Media and Technology Fund (ATMT). In addition, the Sarona Risk Capital Fund has invested US$300,000 in Mobile Transactions Zambia (MTZ).
Sarona is supporting companies that are leading the booming information and communication technology sector in East Africa. ATMT companies offer their customers the first East African triple play service solution (telephone, cable and broadband Internet) while MTZ links its clients through its electronic voucher, payment system and money transfer technologies. With better service, quality and pricing, these companies are already operational in Kenya, Tanzania and Zambia, and have expansion plans to Rwanda and Uganda in the works.
"We believe that our investments in these information and communication technology (ICT) companies will allow millions of East Africans the opportunity to affordably connect to the Internet, receive quality communications and programming, and improve the speed at which they make financial transactions," said Gerhard Pries, President of Sarona. "These investments are part of our continuing effort to develop innovative initiatives in the field of impact investing. Building accessible and affordable information and communication pathways is critical to a society's economic development."
Sarona Asset Management is based in Waterloo, ON, and is a co-founder and/or manager of a number of impact investment funds, including the Sarona and MicroVest groups of funds. Together, these funds have over $180 million in assets under management in emerging and developing country markets around the world.