Iflix was created for more than a billion consumers in emerging markets, currently claims to have over 17 million active users, the results justify their title as the leading entertainment service provider worldwide. This platform is a video streaming service provider that competes with the giant Netflix in Southeast Asian and was founded almost five years ago in Malaysia.
Iflix announced its new raised funding that was led by Fidelity International, with the great support from returning investors Catcha Group, Hearst, Sky and EMC on July 22nd. Although no specified amount was disclosed, rumors say that it is more than $50 million value. The said funding will then be used for the company’s growth targeting potential public offering.
MNC, Yoshimoto Kogyo and JTBC from Indonesia, Japan and South Korea, respectively were included as the company’s new media investors. Iflix claims that it made over 17 million active users, a great growth from 9 million half a year ago.
Patrick Grove, co-founder and chairman said, “These investments are a clear affirmation of IFlix’s business model and growth prospects, and strengthens our ties to some of the region’s largest providers of local content” in a press release.
Kwesé Iflix’s, iflix’s African business, remaining shares were sold off seven months ago. This move aims to focus its markets in Southeast Asia and the Middle East. The latest round hits total funding to more than $350 million.