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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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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