iflix boosted by US$50 million in latest funding round
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Rebecca Hawkes
| 22 July 2019

Southeast Asian video streaming service iflix has secured “well in excess of US$50 million” in a new round of investment ahead of a prospective IPO, the company has announced.

New investors include global asset manager Fidelity International, which counted $379.2 billion assets under management at the end of 2018, Indonesia’s MNC, Japan’s Yoshimoto Kogyo and South Korea’s JTBC. They join iflix founders Catcha Group, and strategic shareholders Hearst, Sky and EMC, who each participated in the round.

The Kuala Lumpur-based company said the funding will enable the video-on-demand (VOD) service to “aggressively pursue” strategies to grow its active user base from 17 million in May 2019. This figure is up from 9 million in November 2017.

“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 iflix co-founder and chairman, Patrick Grove.

“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.”