Netflix’s Southeast Asia video streaming competitor iflix has said it raised in excess of $50m in a funding round led by Fidelity International as it prepares to potentially go public, though it did not share the exact amount raised in the round.
The latest financing also included investments from Indonesia’s MNC, Japan’s Yoshimoto Kogyo, and South Korea’s JTBC, as well as participation form existing investors in the shape of the platform’s founders Catcha Group, Hearst, Sky, and EMC.
The company intends to use the funding to “aggressively pursue growth strategies” and to continue growing its user base, which is currently made up of more than 17m active users.
“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 Patrick Grove, iflix co-founder and chairman. “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.”