The funding came from Kuwait-based telco Zain and international telco and TV company Liberty
Kuala Lumpur-based Internet TV service iflix has raised over US$90 million from Liberty Global, an international TV and broadband company; Zain, a Middle Eastern and Africa telco; and a private consumer business investment management firm in Africa.
iflix had partnered with Zain last month to launch ‘iflix Arabia’ in the MENA region.
Existing shareholders include Sky PLC; Catcha Group; and Los Angeles-based Evolution Media Capital, an investment company that partners with entertainment, lifestyle, media, sports and technology businesses, also participated in the round.
iflix plans to use the newly-raised capital to boost its content and services, and roll them out to new markets in Asia, Middle East and Africa, where many consumers are engaging entertainment content through smartphones.
“There are currently more than 2.5 billion people with smartphones in emerging markets who have a passion for cultural influences from around the globe and want access to the best entertainment content available easily and reliably,” said iflix co-founder and Group CEO, Mark Britt, in an official press statement.
“The new funds will enable us to seize this immense opportunity and continue empower local consumers and provide them with the best content and services available, and the freedom to enjoy that offering whenever and wherever they want, wherever they are in the world,” he added.
Previously, iflix raised over US$75 million from investors including Sky, Jungle Ventures, Catcha Group and Elang Mahkota Teknologi Tbk PT.
“With an estimated 880 million connected mobile devices in Africa and the Middle East by 2020, the opportunity in the regions is immense. At Catcha Group, we are thrilled to be a part of iflix’s exciting journey, and to continue supporting the company in its quest to re-define entertainment for the more than one billion people in emerging markets around the world,” said Catcha Group co-founder and Group CEO, Patrick Grove.
Since its launch in May 2015, iflix claims its daily active accounts has grown more than 27 times. Over five billion minutes have been streamed on the platform. It has over 170 content relationships across Hollywood, regional and local studios and distributors.
iflix is available in Malaysia, Thailand, the Philippines, Indonesia, Sri Lanka, Brunei, the Maldives, Pakistan, Saudia Arabia and Vietnam.
Image Credit: iflix
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