iROKOtv receives significant funding from investors

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iROKOtv receives significant funding from investors --

Mon, 06 Jan 2014 13:24

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iROKOtv, the Video-on-Demand (VOD) platform for African content and Nigerian movies, has received $8 million (approximately R856 million) from international investors, bringing into focus a growing global confidence in the future of emerging African entertainment.

Tiger Global, an existing investor, together with firms Kinnevik, which is based in Sweden, and Rise Capital, based in the US, are the backing companies whose investment has made iROKOtv one of the most well-funded internet companies in Africa today. Total funds raised have equated to $21 million (approximately R223 million).

Jason Njoku, CEO and co-founder of iROKOtv, believes the funding will allow the international team to continue their hard work and accelerate the company s growth: We started life three years ago as a Nollywood content aggregator on a YouTube channel and today we find ourselves with a VC-backed dedicated VOD platform, watched in 178 countries around the world, with one million unique visitors a month.

Bastian Gotter, COO and co-founder of iROKOtv, adds: This additional capital allows us to consolidate our position as VOD market leaders for Africa, invest in tech, content and infrastructure and, importantly, we are now in a position to become profitable by 2015, which is an extraordinary feat for any start-up, let alone an African VOD one like ours.

This new capital will be channelled at expanding the company s African audience and transitioning from a largely ad-supported model to a more subscription-driven service. Although 50% of iROKOtv s audience is located in the UK and US, demand for locally produced, multi-platform video content in Africa is rising fast.

Moving forward, a renewed focus will be placed on monetising iROKOtv s catalogue through its Subscription Video on Demand service, premium content area iROKOtv PLUS, as well as through its strategic distribution partnerships with global airlines and TV channels.

Nazar Yasin, managing partner of Rise Capital, comments: We at Rise Capital look forward to continuing to help iROKOtv scale its content acquisition and distribution channels and secure its positioning as Sub-Saharan Africas largest and most impactful media company.

Mia Brunell Livfors, president and chief executive officer of Kinnevik, concludes: This latest funding round for iROKOtv is testament to the fact that Kinnevik continues to support iROKOtv on its journey to becoming one of Africas most exciting and far-reaching media companies.

Visit www.irokotv.com for more information.

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