Streaming Platform Iflix, Rival To Netflix In Emerging Markets, Raises $50M+ Ahead Of Potential IPO

July 22, 2019 8:26am

Video streaming platform Iflix, which competes with Netflix in Southeast Asia and other emerging markets, says it has raised more than $50M in its latest funding round.

The funding round was led by management investment outfit Fidelity International, with participation from returning investors Catcha Group, Hearst, Sky and EMC. The Malaysia-based company did not disclose the total amount raised, but said it is “well in excess of $50M” and will be used for growth ahead of a “prospective” IPO.

Among the new media company investors in the company during this round were MNC, Yoshimoto Kogyo and JTBC, from Indonesia, Japan and South Korea, respectively.

The company says it has 17M active users, up from 9M 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 platform revealed seven months ago that it was selling its shares in its Africa business, Kwesé Iflix, to focus attention on its markets in Southeast Asia and the Middle East.