Hearst, Singapore-based EDBI and clients of DBS private bank join existing shareholders Evolution Media, Sky PLC, Catcha Group, Liberty Global, Jungle Ventures and PLDT Inc. in iflix's new funding round.
Iflix has announced that it has secured additional $133 million funding from both new investors and existing shareholders. iflix has raised approximately $220 million in this calendar year. New investors include Hearst, one of Americas largest diversified media, information and services companies, Singapore-based EDBI and clients of DBS private bank. Existing shareholders Evolution Media, Sky PLC, Catcha Group, Liberty Global, Jungle Ventures and PLDT Inc. have also increased their investments.
Over the last 12 months, iflix has built integrated distribution partnerships with 27 leading telecommunications operators to bundle the SVoD service with customers mobile and data subscriptions. The company claims to have had 230% growth in year-on-year revenue. It has announced an increase in its commitment to localisation, producing 26,000 hours of subtitles in nine languages, with locally-curated content in every market. iflixs full content library showcases thousands of first-run programmes and library content from over 230 studio partners from 30 countries.
iflix Co-founder and Group CEO Mark Britt said: We are 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 worlds 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 iflixs continuing growth. These new funds will allow us to further execute on our local content strategy and expand our technology and development teams so we can continue to rapidly evolve the iflix service to meet the unique challenges of emerging markets.
President of Hearst Entertainment & Syndication Neeraj Khemlani said: iflix is riding the wave of exponential growth of the middle class in emerging markets that want more access to premium regional, local and Western content. We look forward to working with our new partners Sky, Liberty Global, Evolution Media and Catcha Group, as well as emerging market telcos, to support iflixs innovative founders and management team in their rapid expansion plans.
Founding shareholders Evolution Media and Catcha Group have participated in all preceding capital raisings and further increased their support this round.
