Singapore-based online streaming platform Hooq Holdings has raised $25.2m in funding from telecommunications firm SingTel and media groups Warner Bros and Sony Pictures, according to a SingTel stock exchange filing.
Sony Pictures participted through investment holding subsidiary AXN Investment.
Formed as a subsidiary of SingTel in early 2015, Hooq is an online platform similar to Netflix, allowing subscribers to access some 10,000 films and television series for a flat monthly rate. Users can stream content or download it to their devices.
Hooq’s service is available in Singapore, India, Thailand, the Philippines and Indonesia, and it is competing both with local rival iFlix and Netflix itself.
The company had initially received $70m in funding, according to the filing, with SingTel holding 65% of the company, and Warner Bros and AXN each owning 17.5% stakes.
SingTel invested S$23.7m ($16.5m) in Hooq as part of the latest round, which was structured to allow each investor to maintain their share size.
Peter Bithos, chief executive of Hooq, told TechCrunch the company intends to raise funding from external backers when it next looks for financing, saying: “Later this year, we will evaluate funding options beyond our first round.”