Malaysia-based video streaming platform iFlix is seeking $150m in new funding, after raising $30m earlier this year from investors including telecommunications firm Philippine Long Distance Telephone Company (PLDT), TechCrunch reported today,
The company launched its Netflix-like service in June this year, and registered more than 650,000 users across Malaysia, the Philippines and Thailand between then and the end of October, according to the a pitch deck to investors dated in November.
PLDT co-led the $30m round with Catcha Group, the internet holding company and venture capital firm that formed iFlix with Evolution Media Capital, the boutique investment bank and advisory firm co-owned by talent agency Creative Artists Agency.
In addition to its equity investment, PLDT has also signed a $20m subscription contract with iFlix according to the pitch deck, which also disclosed a $10m seed round so far unreported.
The funding is being raised to support an expansion drive that would push iFlix into other Southeast Asian countries as well as markets further afield in Africa, Eastern Europe, the Middle East and the rest of Asia.
The pitch deck states iFlix is in negotiations with telecoms firms in Asia, the Middle East, and Africa so it may potentially also look to secure equity funding from those companies.
Telcos in those areas active in corporate venturing include Japan-based SoftBank, India-based Airtel, Saudi Arabia-based STC, Indonesia-based Indosat and South Africa-based MTN.