iflix secures $133m in funding round
Proceeds from the latest funding round will be used to invest in its local content strategy
Subscription Video on Demand (SVoD) service iflix has closed $133m in its latest funding round, which will be used to invest in its local content strategy.
The funding round was led by America's media, information and services company Hearst, plus it attracted new investors including Singapore-based EDBI and clients of DBS private bank, as well as existing shareholders Evolution Media, Sky PLC, Catcha Group, Liberty Global, Jungle Ventures and PLDT Inc.
With the latest funding round completed, iflix has now generated an excess of $220m this year.
iflix co-founder and Group CEO Mark Britt said: "We are thrilled to welcome Hearst President and CEO Steven Swartz and Hearst Entertainment & Syndication President Neeraj Khemlani to the iflix family. As iflix continues to grow and pioneer new ways for consumers to enjoy entertainment on their terms, we were looking for a partner who could bring additional expertise and knowledge to our business.
"This collaboration significantly deepens our bench of experts with our longstanding partners Evolution Media, Sky and Liberty Global to help drive iflix's continuing growth.
"These new funds will allow us to further execute on our local content strategy and expand our technology and development teams so we can continue to rapidly evolve the iflix service to meet the unique challenges of emerging markets," concluded Britt.
The SVoD service recently unveiled its first exclusive original production, Oi Jaga Mulut, a stand-up comedy series, plus it has partnered with TVOne to launch live premiere football streaming.
iflix went live in 2015 and has since expanded from four markets to 19 across Asia, Middle East and Africa. Plus it has built partnerships with 27 telecommunication operators to bundle the iflix service with customers' mobile and data subscriptions, all sponsored by the telecommunications provider.