Iflix Video-Streaming Service Secures $133 Million in Funding

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By Joseph Okafor

August 08, 2017 Lagos Nigeria(Naija247news.com) — Iflix, a Malaysian video-streaming service that operates mostly in emerging markets, said on Monday that it had received $133 million in a round of funding from a group led by the American media and information company Hearst Corporation.

Founded in 2015, Iflix is available in 19 countries in Southeast Asia, the Middle East and Africa. The service has five million subscribers, though it is dwarfed by Netflix, which added 5.2 million subscribers in the second quarter of 2017 alone.

Neeraj Khemlani, the president of Hearst Entertainment & Syndication, said in a news release that Iflix was “riding the wave of exponential growth of the middle class in emerging markets that want more access to premium regional, local and Western content.”

With the latest funding round, Iflix said it had raised more than $220 million this year. The company’s investors include Catcha Group, Evolution Media, John C. Malone’s Liberty Global and Sky, which all increased their investments as part of the latest funding round. Investors in this round also included EDBI, the corporate investment arm of the Singapore Economic Development Board.

“From the beginning, our vision for Iflix has been to build a world-class service for the local customer, transforming the way everyday consumers enjoy entertainment in emerging markets,” Mark Britt, the Iflix co-founder and chief executive, said in a news release. “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.”

Iflix was advised by Moelis & Company and Delta Partners and by the law firm Herbert Smith Freehills.

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