Nigeria-based online video streaming services iRoko raised $19m in equity and content development funding on Monday, securing cash from backers including media group Canal+ and investment firm Kinnevik.
Founded in 2010 as a YouTube channel, iRoko runs an online streaming platform for African-produced film and television content.
The capital will allow the company to finance the production of original content in the same way as US counterparts Netflix and Amazon Prime. It aims to release upwards of 300 hours of content on its platform this year, and to work up to 500 hours by 2018.
Canal+ will look to assist iRoko with its French language content as it expands across Africa. Jacques du Puy, president of Canal+ Overseas, will join iRoko’s board of directors in conjunction with the round.
Jason Njoku, co-founder and chief executive of iRoku, said: “With millions more Africans poised to come online via mobile in the coming years, our mission is to lead viewers to content they’ll love. This is something the vast majority of the continent struggles with today.
“We hope to bridge that divide, and this additional investment supports such a plan. For us, there is no version of reality where the marriage between Africa’s most powerful communication tool [mobile] and the most prolific and loved entertainment provider [Nollywood] won’t be a joyous union.”
The funding increased iRoko’s overall funding to $44m. It follows a $3m investment by hedge fund Tiger Global Management in 2011 and a further $22m since supplied by Tiger Global, Kinnevik and investment firm Rise Capital.