Iflix Completes US$133 Mln Funding Exercise

KUALA LUMPUR, Aug 8 (Bernama) -- iflix, a leading subscription video on demand service for emerging markets, has completed a US$133 million (US$1=RM4.28) funding round, as it aspired to continue in delivering its vision of bringing the world’s best entertainment to its audiences. In a statement Tuesday, iflix said, the funding round, which attracted significant interests from both new investors and existing shareholders, was led by Hearst, one of America’s largest diversified media, information and services firms, and also included additional new investors, Singapore-based EDBI and clients of DBS private bank. “The existing shareholders – Evolution Media, Sky PLC, Catcha Group, Liberty Global, Jungle Ventures and PLDT Inc – also increased their investments,” it said. iflix said the new round brought the total funding it raised this calendar year to over US$220 million. The proceeds from the round would be used to invest in local content strategy, it said. iflix recently unveiled its first exclusive original production, Oi Jaga Mulut, an audacious, uncensored, no holds barred stand-up comedy series, which since debuting in Malaysia last week, has skyrocketed to the leading show on the service. The company saw 230 per cent growth in year-on-year revenue, and increased its commitment to localisation, producing 26,000 hours of subtitles in nine languages, with locally-curated content in every market. iflix’s full content library showcases thousands of award-winning and iconic first run programmes and library content from over 230 studio partners from 30 countries. iflix Co-Founder/Group Chief Executive Ofiicer (CEO), Mark Britt said, said the company was thrilled to welcome Hearst President and CEO Steven Swartz and Hearst Entertainment & Syndication President Neeraj Khemlani to the iflix family. “Hearst is a leading investor and has many of the world’s most innovative and iconic video brands, including ESPN, A+E Networks, Vice, AwesomenessTV, Complex and more. “This collaboration significantly deepens our bench of experts with our longstanding partners Evolution Media, Sky and Liberty Global to help drive iflix’s continuing growth,” he said. Founding shareholders, Evolution Media and Catcha Group, increased their participation in all preceding capital raisings and further increased their support this round. -- BERNAMA