Iflix Video Service Raises Over $50Million As It Prepares For Public Listing
Iflix, the streaming video service that is in competition with Netflix in various emerging markets, announced recently that it had raised a substantial amount of funding led by Fidelity International, in collaboration with returning investors Hearst, Catcha Group, EMC and Sky.
The Malaysia-based company has not yet disclosed the exact amount but said that it totals to more than $50million and will be used to facilitate growth ahead of a potential public listing.
Iflix also added a number of new media companies as investors, including MNC from Indonesia, Yoshimoto Kogyo from Japan and JTBC from South Korea, from Indonesia, Japan and South Korea, respectively.
The company currently has 17 million active users, a figure that has gone up from the 9 million reported six months ago.
In a media statement, the Chairman and co-founder of Iflix, Patrick Grove said that these investments were a clear affirmation of Iflix’s growth prospects and business model, and would strengthen Iflix’s ties to some of the region’s leading providers of local content.
The video streaming company announced several months ago that it had sold off all its remaining shares in its Africa business, Kwesé Iflix, to focus solely on its markets in the Middle East and Southeast Asia.
According to Crunchbase, this latest round of funding brings its total funds raised so far to well over $350million.
Credit: This article originated from www.techcrunch.com