iflix, the world’s leading Subscription Video on Demand (SVoD) service for emerging markets, today announced it has closed a new round of funding in excess of US$90 million to support its further international expansion.
The financing includes new investors; ‘Liberty Global plc,’ major distributor of TV entertainment, sports and other programming, ‘Zain,’ a leading 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 PLC,’ ‘Catcha Group’ and Los Angeles-based ‘Evolution Media,’ an investment company that partners with entertainment, lifestyle, media, sports, and technology businesses.
iflix co-founder and Group CEO, Mark Britt commented: “Having exceptional partners who share our vision is fundamental to our success as we expand our footprint in Asia and roll out the service in the Middle East and Africa. 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.”
Sky Plc, Group Chief Operating Officer, Andrew Griffith said: "iflix is a truly innovative partner. 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. We are pleased to continue our support, as iflix moves on to the next stage of growth, making its world class service available to millions of consumers in MENA and Africa."
Since going live in May 2015, the service, which is now available in nine markets across Southeast Asia as well as Pakistan, has seen exceptional growth with more than 27x daily active accounts, and continued momentum in user engagement with over 5 billion minutes streamed.
Mark Britt, Global CEO of iflix Group