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Hearst Leads iflix’s $133M Funding Round

iflix, a multiscreen SVOD service for emerging markets, said it has wrapped up a $133 million round of funding led by Hearst along with new and existing investors that include Singapore’s EDBI, Evolution Media, Sky PLC, Catcha Group, Liberty Global, Jungle Ventures and PLDT.

The new round brings iflix’s total funding to more than $220 million. The new round will be used to invest in iflix’s local content strategy, the company said.

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iflix, which competes with Netflix and Amazon Video in some markets around the globe, launched service in May 2015 and has grown from four markets to 19 across Asia, the Middle East and Africa. The company said its subscriber base has grown 3x and revenues have risen 230% over the past 12 months, and that mobile viewing is around 2.5 hours to 2.75 hours per session.

“We are thrilled to welcome Hearst President and CEO Steven Swartz and Hearst Entertainment & Syndication President Neeraj Khemlani to the iflix family,” iflix co-founder and group CEO Mark Britt, said in a statement. “Hearst is a leading investor and has many of the world’s most innovative and iconic video brands, including ESPN, A+E Networks, Vice, AwesomenessTV, Complex and more. This collaboration significantly deepens our bench of experts with our longstanding partners Evolution Media, Sky and Liberty Global to help drive iflix’s continuing growth.”

iflix was advised by Moelis & Company LLC, Delta Partners and Herbert Smith Freehills for its latest funding round.