Streaming video service Iflix raises greater than $50 million led by Constancy Worldwide because it prepares to go public – TechCrunch

Iflix, the streaming video service that competes with Netflix in Southeast Asia and different rising markets, introduced in the present day that it has raised a brand new spherical of funding led by Constancy Worldwide, with participation from returning traders Catcha Group, Hearst, Sky and EMC. The Malaysia-based firm didn’t disclose the quantity of the spherical, however mentioned it totals greater than $50 million and shall be used for development forward of a possible public providing.

Iflix additionally added new media firms as traders, together with MNC, Yoshimoto Kogyo and JTBC, from Indonesia, Japan and South Korea, respectively. The corporate at present claims 17 million energetic customers, up from 9 million six months in the past. In a press launch, co-founder and chairman Patrick Grove mentioned “These investments are a transparent affirmation of IFlix’s enterprise mannequin and development prospects, and strengthens our ties to among the area’s largest suppliers of native content material.”

The corporate introduced seven months in the past that it had offered off its remaining shares in its Africa enterprise, known as Kwesé Iflix, to concentrate on its markets in Southeast Asia and the Center East. The most recent spherical brings its complete funding raised to date to greater than $350 million, in accordance with Crunchbase.

Image Supply

Leave a Reply

Back to top button