Broadcaster Sky invested $45m in Malaysia-based video streaming service iFlix today, including $2.5m worth of shares that were bought from unnamed existing investors.
The two companies have also formed a strategic agreement to seek out potential areas for collaboration across iFlix’s markets, which currently include Malaysia, Thailand and the Philippines.
Founded in May 2015, iFlix has bult a subscription-based TV streaming platform. It claims the service has attracted more than a million users to date and hopes to extend into additional countries this year.
Telecommunications firm Philippine Long Distance Telephone Company co-led a $30m funding round in April 2015 with Catcha Group, the internet holding company and VC firm that launched iFlix with Evolution Media Capital, an investment bank backed by talent agency Creative Artists Agency.
The company previously secured $10m in seed capital from unnamed investors. Reports in December 2015 suggested iFlix was seeking $150m in funding but it has not revealed whether UK-based Sky’s commitment is part of any larger round.
Andrew Griffith, group chief financial officer for Sky, said: “iFlix has quickly established itself as Southeast Asia’s most exciting and fastest-growing streaming TV service.
“There are lots of opportunities for Sky and iFlix to work together and share expertise as both companies continue to expand. We are really looking forward to supporting [iFlix CEO Mark Britt] and his team deliver their ambitious plans.”