Netflix rival Iflix, a video streaming service that focuses on emerging markets in Africa and elsewhere, has secured US$133m (about R1.8bn) in new funding in a round led by US media giant Hearst.
The company, which is expected to launch services in South Africa later this year, announced plans in June to launch in Nigeria, Ghana, Kenya, Tanzania and Zimbabwe, with expansion to other countries on the continent during the third quarter of 2017.
Iflix, which describes itself as a subscription video-on-demand service for emerging markets, said this week that it has completed the $133m funding round after attracting “significant interest from both new investors and existing shareholders, led by Hearst”.
New investors in the latest round include Singapore-based EDBI and clients of DBS private bank. Existing shareholders Evolution Media, Sky, Catcha Group, Liberty Global, Jungle Ventures and PLDT also increased their investments, the company said.
Iflix now operates in 19 markets in Asia, the Middle East and Africa and has built “deep integrated distribution partnerships” with 27 telecommunications operators to bundle the Iflix service with customers’ mobile and data subscriptions.
The new round brings total funding raised by Iflix this calendar year to over $220m. Proceeds from the round will be used to invest in its local content strategy, it said. — © 2017 NewsCentral Media