iflix Secures New Funding

Asian entertainment service iflix has finalized a new round of investment led by global asset manager Fidelity International.

The new financing complements continued investment by parent Catcha Group and investors Hearst, Sky and EMC, which also participated in the round. The final size of the investment has not been disclosed but is in excess of $50 million, iflix says. The platform this year also received investments from Indonesia’s MNC, Japan’s Yoshimoto Kogyo and South Korea’s JTBC. The funding will be used to drive growth at the platform, which topped 17 million active users in May of this year.

iflix’s co-founder and chairman, Patrick Grove, said, “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. 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.”