Netflix competitor iflix raises $50 million in funding

Anne Freier | July 23, 2019

App Business

Film and TV streaming company iflix has raised around $50 million in funding led by Fidelity International ahead of plans to go public.

The Southeast Asian Netflix competitor did not reveal exact financial details.

“We are incredibly proud to have Fidelity International cornerstone this latest round of funding, along with investments from all our major shareholders and some of the region’s most significant media companies,” said Patrick Grove, Co-founder and Chairman if iflix.

“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.”

The financing round includes participation from  Indonesia’s MNC, Japan’s Yoshimoto Kogyo, and South Korea’s JTBC and existing investors and founders Catcha Group, Hearst, Sky, and EMC.

Iflix plans to use the funding to drive growth and use the funds to bolster its user base. The company currently has 17 million active users.

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