Miguel Cordon · · 1 min readIflix bags more than $50m in funding ahead of potential IPO
Video-streaming platform iFlix has raised over US$50 million in a round anchored by global asset manager Fidelity International ahead of a potential initial public offering.
Photo credit: iFlix
Regional media companies such as Indonesia’s MNC, Japan’s Yoshimoto Kogyo, and South Korea’s JTBC also participated in the round.
Iflix said the investment will allow the company to “aggressively” pursue growth strategies and further extend its user base. It claims to have about 17 million users in May, up from 9 million six months earlier.
“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,” Patrick Grove, co-founder and chairman of iFlix, said.
In 2017, the Malaysia-based company raised US$133 million to focus more on producing its own original content. EDBI, Evolution Media, Catcha Group, Jungle Ventures, and Philippine Long Distance Telephone Company, among others, invested in the round.
Iflix’s service currently covers Malaysia, Indonesia, the Philippines, Thailand, Brunei, Sri Lanka, Pakistan, Myanmar, Vietnam, Cambodia, Nepal, and Bangladesh.
Editing by Charmaine de Lazo
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