Malaysia-based online streaming subscription service iFlix has closed more than $90m in a round featuring media groups Liberty Global and Sky, and telecommunications company Zain, the Hollywood Reporter reported on Tuesday.
Evolution Media Capital (EMC), the investment banking entity co-founded by talent agency Creative Artists Agency, also invested in the round, as did Malaysia-based internet company Catcha Group and an undisclosed privately-held investment management firm.
Founded in 2015, iFlix operates a subscription-based video streaming service similar to Netflix that operates in nine markets, mostly in Southeast Asia, having recently expanded to Vietnam and Pakistan. It has 5 million registered users.
The round valued iFlix at “around $500m,” according to TechCrunch, which cited a source with knowledge of the round. The company is also in talks with prospective investors over additional funding and plans to expand in Asia and enter the Middle East and Africa.
Sky’s chief operating officer Andrew Griffith said: “IFlix is a truly innovative partner. In the last year since Sky joined as a shareholder, we have seen the company surpass its milestones, including consolidating its leading market position in Southeast Asia and expanding its footprint into new regions.
“We are pleased to continue our support, as iFlix moves on to the next stage of growth, making its world-class service available to millions of consumers in [the Middle East and North Africa] and Africa.”
Sky invested $45m in iFlix in March 2016 at a $450m valuation, after telecom group Philippine Long Distance Telephone Company, Catcha and EMC had supplied $30m the year before. The startup had reportedly received $10m in seed capital from unnamed investors.