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Southeast Asian VoD streaming service iflix has agreed a $30 million round of funding with international investment firm Catcha Group and Philippine Long Distance Telephone Company (PLDT), Philippines’ leading telco.
According to a company statement, the fund will be used to launch iflix to key Southeast Asian markets such as Malaysia, Thailand, Philippines, Indonesia, and Vietnam throughout 2015. Furthermore, it will also be used to acquire rights to new content, produce original programming, and marketing.
“We are excited to join forces with such an outstanding regional partner who shares our vision. The new funds will allow us to execute our plan to deliver thousands of hours of entertainment for a low monthly price to the 600 million consumers in the region,” commented iflix Chairman Patrick Grove.