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Iflix Raises $90M to Break Netflix & ShowMax’s Hold on Africa

iflix co-founder and group CEO Mark Britt

SEA’s video-streaming site Iflix has raised $90 million led by Liberty Global and  Zain Group to expand operations in South East Asia and launch in Middle East and Africa targeting the growing smartphone users.

iflix co-founder and group CEO Mark Britt said, “We are incredibly excited with the demand we are seeing for iflix in the Middle East and Africa, as well as other new markets in Asia and worldwide. The new funds will enable us to seize this immense opportunity and continue to empower local consumers and provide them with the best content and services available and the freedom to enjoy that offering whenever and wherever they want, wherever they are in the world.”
Founded two years ago, Iflix has 4.5 million customers and is targeting smartphone users in Africa and emerging markets to stream their content on the go. Iflix already has an office in Kenya and South Africa and is in talks with various partners to roll out operations fully.

iflixAccording to a report by Bloomberg, Iflix previous investors Sky Plc, Catcha Group and Evolution Media Capital also participated in the round. In 2016, Sky invested $45 million in Iflix. This gives Iflix more than $135m at hand to buy content and expand into more regions.

Targeting the Middle East and Africa, Patrick Grove, Iflix cofounder and chairman, told Bloomberg the firm is a cheap alternative to piracy compared to its competitors at nearly $2 a month compared to Netflix’s $8 a month.

iFlix will take on  the recently launched Amazon’s Prime Video is now live in over 200 countries and territories around the world with original series in English, with French, Italian, Portuguese and Spanish subtitles, BBC and ITV’s  BritBox and Netflix NuVu and ShowMax.

iflix co-founder and group CEO Mark Britt

iflix co-founder and group CEO Mark Britt

Amazon Prime Video will charge $2.99 and $5.99 per month while Netflix charges US$7.99 for basic, US$9.99 for standard and US$11.99 for Premium. ShowMax charges $3.30 and $8.80 for its ShowMax Select and ShowMax premium packages respectively. YouTube Red is also producing its own movies and will be a competition to all this players.

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