Iflix secures $90+ million in new funds to accelerate global expansion
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Mark Britt
iflix, the world’s leading Subscription Video on Demand (SVoD) service for emerging markets, this week announced it has closed a new round of funding in excess of US$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.
In a media release, 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 to 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” Mr. Britt added.