Video streaming startup iflix bags strategic investment from Korea’s JTBC

(L-R) Catcha Group CEO Patrick Grove, JTBC COO Yong Dal Kim, with iflix co-founder and CEO Mark Britt.

Malaysia-based video streaming startup iflix on Wednesday announced securing an unspecified amount in strategic funding from JTBC Content Hub, the content distribution arm of South Korean media company JTBC.

As part of the investment, iflix will distribute JTBC’s premium content across Asia. It could also potentially collaborate with the South Korean firm for content, including co-productions. In addition, JTBC’s most popular content and over 500 hours of Korean dramas will be available to iflix users for free.

“With its fast-growing economy and attractive demographics, Southeast Asia has always been one of the most important regions to JTBC. Through iflix, we hope more and more SEA people enjoy JTBC’s exciting and trend-leading content,” said JTBC Content Hub CEO Kyungmoon Jung.

iflix co-founder and group CEO Mark Britt noted that the Korean drama genre has seen exponential growth outside of South Korea and is consistently ranking high in terms of user acquisitions and engagement with iflix’s target market.

The Kuala Lumpur-headquartered startup had bagged a strategic investment from Japanese entertainment conglomerate Yoshimoto Kogyo earlier this month, which marked the latter’s first overseas investment in a media company.

iflix is said to be preparing for a listing on the Australian Securities Exchange that could value the company at more than $1 billion. The startup has declined to comment on its IPO plans.

Britt had earlier told DEALSTREETASIA that the startup will look to raise at least two more financing rounds before considering going public. iflix last raised $133 million in September 2017 in a round led by US-based Hearst Communications and Singapore-based EDBI as well as clients of DBS Private Bank.

Last December, it pulled out of Africa after selling its business in the region to telco group Econet Global for an undisclosed amount. The company had then said that it had decided to sharpen its focus on its core markets in Asia.

Founded in 2014 by Britt and Catcha Group CEO Patrick Grove, iflix claims to have 15 million subscribers across Malaysia, Indonesia, the Philippines, Thailand, Brunei, Sri Lanka, Pakistan, Myanmar, Vietnam, the Maldives, Kuwait, Bahrain, Saudi Arabia, Jordan, Iraq, Lebanon, Egypt, Sudan, Cambodia, Nigeria, Nepal, Bangladesh and Morocco.

Also Read:

iflix says to raise at least two more funding rounds before considering IPO

Video streaming startup iflix said to mull ASX listing, seek over $1b valuation

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.