Iflix raised half a billion ringgit in latest funding round

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.