iflix has just announced that it has closed a new round of funding in excess of USD 90 million to support its further international expansion.
The financing includes new investors–Liberty Global plc, major distributor of TV entertainment, sports and other programming, Zain, a leading mobile and data services operator in the Middle East and Africa with whom iflix recently established a joint venture ‘iflix Arabia’ in the MENA region, and a privately held investment management firm that invests in consumer businesses across Africa. Additional capital also came from existing shareholders Sky PLC, Catcha Group and Los Angeles-based Evolution Media, an investment company that partners with entertainment, lifestyle, media, sports, and technology businesses.
iflix co-founder and Group CEO, Mark Britt said: “We are incredibly excited with the demand we are seeing for iflix in the Middle East and Africa, as well as other new markets in Asia and worldwide. The new funds will enable us to seize this immense opportunity and continue empower local consumers and provide them with the best content and services available, and the freedom to enjoy that offering whenever and wherever they want, wherever they are in the world.”
“There are currently more than 2.5 billion people with smartphones in emerging markets who have a passion for cultural influences from around the globe and want access to the best entertainment content available easily and reliably. It is our aim to make iflix available to each and every one of them. Having exceptional partners, Liberty Global, Zain, Sky PLC, Evolution Media and Catcha Group who share our vision, will be fundamental to our success as we expand our footprint in Asia and roll out the service in the Middle East and Africa” Britt added.
iflix has seen exceptional growth since its launch in May 2015, with more than 27x daily active accounts growth, and continued momentum in user engagement with over 5 billion minutes streamed since launch.
The service recently launched in Pakistan and Vietnam, and additionally announced its Joint Venture, iflix Arabia, with Zain, to make its world class service available in the MENA region.