iflix raises over US$50M in new funding round led by Fidelity

 

Southeast Asia’s leading video streaming service, iflix, has announced the closing of a new round of investment by global asset manager  International, with participation from existing backers Catcha Group, Hearst, Sky and EMC.

Whilst the final size of the round has not been disclosed, the Kuala Lumpur-headquartered company said in a statement that the total size is in ‘excess of US$50 million’.

The money from the new round will be used to drive growth ahead of a prospective IPO. iflix will also aggressively pursue growth strategies and further increase its userbase, which claims to have surpassed 17 million in May 2019, up from 9 million six months earlier.

As part of the round, iflix has also added media companies Japan’s Yoshimoto Kogyo and South Korea’s JTBC to its register.

The new round comes less than three months after the streaming platform grabbed an undisclosed investment from Indonesian media giant PT Media Nusantara Citra Tbk. Prior to this, in April, iflix received two strategic investments from JTBC Content Hub, the content distribution arm of South Korean media company JTBC, as well as from Japan’s Yoshimoto Kogyo

iflix 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. We have a strong pipeline of new content and are excited to be making our most extensive ever content offering available to our millions of users across the region.”

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