SE Asia streaming platform iflix wins $50m in new investments
Iflix, Southeast Asia's largest digital entertainment service, has completed its latest round of investment funding, estimated to be worth more than US$50 million.
Among those companies who took part were Fidelity International, MNC from Indonesia, South Korea's JTBC, and Yoshimoto Kogyo from Japan, according to reports.
Fidelity International is a global asset manager with US$379.2 billion assets under management, whilst the other investors are some of the region's leading digital media and entertainment companies.
The funding from the latest round of backers will go toward driving growth in advance of a prospective IPO, said the company.
Iflix is a free and subscription video on demand (VOD) platform focused on emerging markets with headquarters in Kuala Lumpur. Its service is currently available in Vietnam, Pakistan, Thailand, Malaysia, Indonesia, the Philippines, Brunei, Sri Lanka, Myanmar, Cambodia, Nepal and Bangladesh.
The latest round complements the continued investment by iflix's founders Catcha Group, and strategic shareholders Hearst, Sky and EMC, the company announced in a statement.
The company said: "The successful funding round provides iflix with significant firepower to aggressively pursue growth strategies and further increase the active userbase which surpassed 17 million in May this year, up from nine million six months earlier."
Patrick Grove, iflix co-founder and chairman, remarked: "We're incredibly proud to have Fidelity International cornerstone this latest round of funding, along with investments from all our major shareholders and some of the region's most significant media companies.
"The investments are a clear affirmation of iflix's business model and growth prospects, and strengthens our ties with some of the largest providers of local content in the region.
"We've got a strong pipeline of new content and are excited to be making our most extensive ever content offering available to our millions of users."
The latest announcement comes less than 3 months after the streaming site grabbed an undisclosed investment from Indonesian media giant PT Media Nusantara Citra Tbk.
The iflix site serves as a digital hosting and distribution platform for Western, Asian, and Middle Eastern TV shows and movies obtained through partnerships with over 150 studios and content distributors globally including Discovery, MGM, Disney, Warner Bros, Paramount, Sony Pictures, NBC Universal, Fox, CBS and BBC.
Two years ago, iflix raised US$133 million to focus more on producing its own original content. EDBI, Evolution Media, Jungle Ventures, Catcha Group, and Philippine Long Distance Telephone Company, among others, invested in the initial round.