Ivi, a Russia-based digital streaming platform backed by media group Prof-Media, raised $250m in a series D round yesterday led by financial services firm VTB.
Invest AG, an investment subsidiary of financial services group Raiffeisenlandesbank Oberösterreich, took part, as did Baring Vostok, Flashpoint Venture Capital, Millhouse and the Russian Direct Investment Fund (RDIF).
VTB will be the company’s largest shareholder after the deal, while Baring Vostok, Flashpoint and RTP Global will all join its board of directors.
Ivi has built an on-demand video service that caters to more than 52 million monthly visitors, offering over 100,000 audio-visual titles including films, cable TV, sports, music and children’s programming available for streaming on various devices.
The money will be used to boost the platform’s library and original content. Ivi has raised about $434.7m in equity and debt funding altogether, according to TechEU. Reuters reported in November 2020 that the company was seeking an initial public offering in the United States this year.
Ivi had received roughly $40m in a round in mid-2019 featuring Baring Vostok, Flashpoint, Mubadala Investment Company, RDIF, RTP Global and Winter Capital.
Baring Vostok led a $40m round in 2012, which included Prof-Media, Frontier Venture, RTP Global (then called Ru-Net) and Tiger Global Management. The company had reportedly secured several dozen millions of dollars previously.
