iROKOtv, the Africa-based movie platform for Nigerian movies, has announced a funding round of $8 million, led by existing investor Tiger Global, with further participation from Sweden-based Kinnevik and introducing new investor to this round, US-based Rise Capital. This brings the total raised to $21 million.
To-date, the capital raised by iROKOtv has been used to acquire content, expand the London-based tech team, develop mobile websites and applications and open offices in London, New York and Johannesburg, alongside the company’s Lagos headquarters. iROKOtv now holds the world’s largest online catalogue of African content, with over 5,000 movies.
The new capital will be channeled at building and transitioning the company’s audience from a primarily Diaspora base to an African base, as well as migrating from a largely ad supported model to more subscription service. Currently, 50 per cent of iROKOtv’s audience is located in the UK and US alone, but with the continent coming online, demand for homegrown multi-platform video content is rising fast. There will also be a renewed focus on monetising iROKOtv’s catalogue through its SVoD service, iROKOtv PLUS, as well as through its strategic distribution partnerships with global airlines and TV channels.