Streaming video service Iflix raises more than million led by Fidelity International as it prepares to go public
Iflix, the streaming video service that competes with Netflix in Southeast Asia and other emerging markets, announced today that it has raised a new round of funding led by Fidelity International, with participation from returning investors Catcha Group, Hearst, Sky and EMC. The Malaysia-based company did not disclose the amount of the round, but said it totals more than $50 million and will be used for growth ahead of a potential public offering.
Iflix also added new media companies as investors, including MNC, Yoshimoto Kogyo and JTBC, from Indonesia, Japan and South Korea, respectively. The company currently claims 17 million active users, up from 9 million six months ago. In a press release, co-founder and chairman Patrick Grove 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.”
The company announced seven months ago that it had sold off its remaining shares in its Africa business, called Kwesé Iflix, to focus on its markets in Southeast Asia and the Middle East. The latest round brings its total funding raised so far to more than $350 million, according to Crunchbase.