Malaysia-based online streaming subscription service iFlix closed a $133m funding round yesterday led by diversified media conglomerate Hearst.
The round included media groups Liberty Global and Sky, internet company Catcha Group, telecommunications firm Philippine Long Distance Telephone Company (PLDT) and Evolution Media Capital (EMC), a boutique investment bank co-founded by talent agency Creative Artists Agency.
Other participants in the round included EDBI, the investment arm of Singapore state-owned business development agency Economic Development Board, investment firm Jungle Ventures and unnamed clients of financial services firm DBS.
Founded in 2015, iFlix has created a subscription-based video streaming platform aimed at emerging markets. The service is currently available across 19 countries in Asia, the Middle East and Africa.
The funding will be ussed to boost iFlix’s local content strategy and follows the debut of the platform’s first original programming. The company has also recently added live football streaming in Indonesia.
In March 2017, iFlix raised $90m from Liberty Global, Sky, EMC, Catcha and telecom company Zain as well as an unnamed investment management firm.
The company had secured $45m from Sky in March 2016, following a $30m round co-led by PLDT and Catcha, with participation from EMC, in 2015. It reportedly also received $10m in seed capital from undisclosed investors.
Neeraj Khemlani, president of Hearst Entertainment & Syndication, said: “iFlix is riding the wave of exponential growth of the middle class in emerging markets that want more access to premium regional, local and western content.
“We look forward to working with our new partners Sky, Liberty Global, Evolution Media and Catcha Group, as well as emerging market telcos, to support iFlix’s innovative founders and management team in their rapid expansion plans.”