Quickflix secures A$5m funding
Louise Duffy | 24-12-2012
Australian TV and movie streaming company Quickflix has entered an agreement with US-based entertainment and media investors BluePrint Partners to secure A$5 million (£3.2 million) in funding through a convertible loan and bond agreement. It will use the funds to carry out its restructuring plans and grow its subscriber base.
Quickflix Founder and CEO Stephen Langsford said: "We are delighted to secure this round of funding from international investors who understand the high growth sector in which Quickflix operates and the opportunity in our region."
Investors and incoming board members include FilmOn owner and media entrepreneur Alki David and president of FilmOn.TV Asia, Tim Boyd.
David said: "My investment in Quickflix and to join its board is representative of my significant investments in digital streaming and IPTV. Quickflix represents a key investment for me and the growth potential for the Company in the Asia Pacific market and beyond is staggering".
Boyd added: "This investment, coupled with recent changes to the company's board and management puts Quickflix in great shape to capitalise on its recently announced transactions with Blackberry, Xbox, Samsung, Optus, Kobo and Humax, all of which add critical mass to subscriber growth."
The A$5 million loan will be drawn down in three tranches, with the second and third tranches being subject to shareholder approval expected to be voted on at a meeting in February.