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Hearst Is Investing in the Netflix of Southeast Asia

Aug 07, 2017

Malaysia's iflix has raised $133 million in its latest funding round led by U.S. diversified media, information and services company Hearst, bringing the total investments to-date in the video-on-demand service to $303 million.

New investors in this round of funding included Singapore-based EDBI and clients of DBS private bank, iflix said in a statement. Existing shareholders Evolution Media, Sky, Catcha Group, Liberty Global, Jungle Ventures and PLDT increased their investments.

Iflix, Southeast Asia's equivalent of Netflix (nflx), was launched in May 2015. The service has been rolled out in 19 markets around Asia, Middle East and Africa.

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"These new funds will allow us to further execute on our local content strategy and expand our technology and development teams so we can continue to rapidly evolve the iflix service to meet the unique challenges of emerging markets," iflix co-founder and group CEO Mark Britt said.

iflix is a subsidiary of Kuala Lumpur-headquartered internet company Catcha Group.

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