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Iflix closes $90 mn funding round
MUMBAI: iflix, a Malaysian subscription video-on-demand service, has closed a new round of funding of more than $90 million. The plan is to expand in the Middle East, Africa and Asia.
Liberty Global and Zain are new investors. Zain is a mobile and data services operator in the Middle East and Africa with whom iflix recently established a joint venture, iflix Arabia, in the Mena region, and a privately held investment management firm that invests in consumer businesses across Africa.
Additional capital also came from existing shareholders Sky, Catcha Group and Los Angeles-based Evolution Media, an investment company that partners with entertainment, lifestyle, media, sports, and technology businesses.
“We are incredibly excited with the demand we are seeing for iflix in the Middle East and Africa, as well as other new markets in Asia and worldwide. 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,” said iflix co-founder and group CEO, Mark Britt.
“In the last year since Sky joined as a shareholder, we have seen the company surpass its milestones, including consolidating its leading market position in Southeast Asia and expanding its footprint into new regions,” said Sky COO Andrew Griffith.
“Investing in an innovative emerging business like iflix enables us to gain an even greater insight into subscription video on demand services, as we continue to develop our own evolving video entertainment propositions for millions of our customers throughout Europe, Latin America and the Caribbean,” said Liberty Global chief programming officer Bruxe Mann,.
“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, CEO, Patrick Grove.