Iflix raised $133 million funding by Hearst and EDBI

Iflix raised US$133 million in funding by a US media conglomerate. The Kuala Lumpur-based startup provides video streaming services that manage emerging markets have announced the latest funding to compete Netflix. This investment is led by Hearst who also fund VICE, BuzzFeed and Roku. Other investors are the EDBI or Singapore Economic Development Board.

Tinuku Iflix raised $133 million in funding by Hearst and EDBI

Iflix was established in May 2015 and now has markets in 19 countries in Asia and Africa. So far they have received a total funding up to US$300 million. The previous funding in March was US$90 million with a valuation of approximately US$500 million. No further statement of valuation value after the most recent funding.

The company was founded by Mark Britt, Patrick Grove and Evolution Media Capital has become the toughest competitor for Netflix for Asia and Africa, but only 100 million paid subscribers they have remain difficult to be number one. Competition is more relevant by Iflix is a regional level like HOOQ in Singapore funded by Singtel and Vuclip.

"We do not see Netflix as a competitor, our service offers something new to the market and different," said Iflix CEO Mark Britt.

Britt said Netflix is targeting the world's elite population who use devices like the iPhone, excessive revenue and make payments using credit cards. While Iflix is targeting people with lower devices and worse Internet connections but still want to watch via mobile phones.

But Iflix has taken the same steps as Netflix. This year they broadcast a homemade program and last year made a comedy series from Malaysia into a platform to broadcast to several countries. They also go into football by holding broadcasting rights Indonesia League.

It is likely that the new funds will be used to add more local content collections with a focus on public viewing to the public. They are also eyeing a South American market that has a market resemblance to the Iflix places over the years.