Iflix, a Malaysian-based content provider today raised RM570 million (US$133 million) to accelerate its business.
Details of the valuation of the company could not be ascertained at this moment as this funding round, similar to previous rounds, does not disclose the terms of the deal to the press, such as the equity the funders received.
The latest round of funding was led by Hearst, a U.S. media conglomerate.
Hearst has funded fast-growing media or content startups like BuzzFeed and Vice previously, and is viewed to be very familiar with this sector.
Another funder, EDBI also joined this funding round.
EDBI is the corporate investment arm of the Singapore Economic Development Board.
A host of undisclosed clients, rumoured to include the likes of Singapore’s largest bank, DBS, also formed the list of funders of Iflix.
Iflix Chairman, Patrick Grove is said to be influential in securing this funding round.
His residency in Singapore could explain the reason why Singapore entities form the repertoire of funders in this round of fundraising.
Existing Iflix investors joining this round included PLDT, Jungle Ventures, Liberty Global, and Catcha Group. Catcha is Grove’s first venture that he started back in the 90’s.
U.K. broadcaster Sky, also an existing Iflix investor, joined this round as well.
Iflix has raised closed to RM1.2 billion so far. The startup raised RM120 million in the pre-launch round in 2015, the year they started operations.
They then raised RM190 million from Sky in 2016. And followed by RM570 million this year.
Iflix recently lost their Group COO, Azran Osman-Rani. Azran was also the Malaysia CEO of Iflix. His role in Iflix currently is an investor.
The company provides broad growth figures to the public.
They claimed earlier in the year that they have reached five million users, growing revenue by over 200%, and has grown two times in user engagements.
These figures have yet to be confirmed by a third party, but industry observers generally accept these figures as matching with market offering.
Ibrahim Sani
Tue Aug 08 2017
Iflix has raised closed to RM1.2 billion so far. The startup raised RM120 million in the pre-launch round in 2015, the year they started operations.
COP29 climate summit draft proposes rich countries pay $250 billion per year
The draft finance deal criticised by both developed and developing nations.
Bomb squad sent to London's Gatwick Airport after terminal evacuation
This was following the discovery of a suspected prohibited item in luggage.
Kelantan urges caution amidst northeast monsoon rains
Kelantan has reminded the public in the state to refrain from outdoor activities with the arrival of the Northeast Monsoon season.
Former New Zealand PM Jacinda Ardern receives UN leadership award
Former New Zealand prime minister Jacinda Ardern was given a global leadership award by the United Nations Foundation.
ICC'S arrest warrants for Netanyahu, Gallant an apt decision - PM
The decision of the ICC to issue arrest warrants against Benjamin Netanyahu and Yoav Gallant is apt, said Datuk Seri Anwar Ibrahim.
KTMB provides two additional ETS trains for Christmas, school holidays
KTMB will provide two additional ETS trains for the KL Sentral-Padang Besar route and return trips in conjunction with the holidays.
BNM'S international reserves rise to USD118 bil as at Nov 15, 2024
Malaysia's international reserves rose to US$118.0 billion as at Nov 15, 2024, up from US$117.6 billion on Oct 30, 2024.
Findings by dark energy researchers back Einstein's conception of gravity
The findings announced are part of a years-long study of the history of the cosmos focusing upon dark energy.
NRES responds to Rimbawatch press release on COP29
The Ministry of Natural Resources and Environmental Sustainability (NRES) wishes to offer the following clarifications to the issues raised.
Online Safety Bill and Anti-Cyberbullying Laws must carefully balance rights and protections
The Online Safety Advocacy Group (OSAG) stands united with people in Malaysia in the fight against serious online harms.
Malaysia's inflation at 1.9 pct in Oct 2024 - DOSM
Malaysia's inflation rate for October 2024 has increased to 1.9 per cent, up from 1.8 per cent in September this year.
Saudi Arabia showcases Vision 2030 goals at Airshow China 2024
For the first time, Saudi Arabia is participating in the China International Aviation & Aerospace Exhibition held recently in Zhuhai.
King Charles' coronation cost GBP 71mil, govt accounts show
The coronation of Britain's King Charles cost taxpayers GBP72 million (US$90 million), official accounts have revealed.
Couple and associate charged with trafficking 51.9 kg of meth
A married couple and a man were charged in the Magistrate's Court here today with trafficking 51.974 kilogrammes of Methamphetamine.
PDRM to consult AGC in completing Teoh Beng Hock investigation
The police may seek new testimony from existing witnesses for additional insights into the investigation of Teoh Beng Hock's death.
Thai court rejects petition over ex-PM Thaksin's political influence
Thailand's Constitutional Court rejects a petition seeking to stop Thaksin Shinawatra from interfering in the running the Pheu Thai party.
Abidin takes oath of office as Sungai Bakap assemblyman
The State Assemblyman for Sungai Bakap, Abidin Ismail, was sworn in today at the State Assembly building, Lebuh Light.
UPNM cadet officer charged with injuring junior, stomping on him with spike boots
A cadet officer at UPNM pleaded not guilty to a charge of injuring his junior by stomping on the victim's stomach with spike boots.
How Indian billionaire Gautam Adani's alleged bribery scheme took off and unraveled
The indictment was unsealed on Nov. 20, prompting a $27 billion plunge in Adani Group companies' market value.
Elon Musk blasts Australia's planned ban on social media for children
Several countries have already vowed to curb social media use by children through legislation, but Australia's policy could become one of the most stringent.