Malaysia-based online video streaming service iFlix raised $30m in pre-launch funding in a round co-led by telecommunications firm Philippine Long Distance Telephone Company (PLDT) today.
PLDT co-led the round with internet holding company and venture firm Catcha Group. Catcha formed iFlix together with Evolution Media Capital, a boutique investment bank and advisory firm partly owned by talent agency CAA.
Founded last year, iFlix is preparing an online streaming service similar to Netflix through which subscribers can access local and international cinema and television.
The cash will go to expanding the service across Southeast Asia, with Malaysia, Thailand, the Philippines, Indonesia and Vietnam earmarked for 2015, as well as securing the rights to new content and making original programming.
Manuel V Pangilinan, chairman of PLDT, said: “We are very bullish about the prospects of the iFlix service, which has been designed to address the preferences and demands of the rapidly expanding Asian market.
“PLDT looks forward to working with iFlix to grow its business and introduce new media services that will fuel further the demand for broadband and mobile access in the Philippines and across Southeast Asia.”