Middle Eastern operator Zain and media giant Liberty Global invested in Iflix, a Malaysian video streaming provider which is rivaling Netflix in emerging markets.
Kuwait-based Zain and Liberty Global joined existing shareholders Sky, venture capital firm Catcha Group and LA-based bank Evolution Media Capital to invest a total of $90 million in Iflix, although there was no breakdown of exactly how much was invested by each group.
Zain already partners with the streaming service in Middle East and Africa, regions Iflix is reportedly planning to expand into.
Iflix has approximately 4.5 million customers, according to Reuters, and holds ambitions to be the equivalent of what Netflix is in the US to viewers in emerging markets, its founder Patrick Grove told the news agency.
Along with western TV content, Iflix also focusses on providing local content to its viewers.
It will use the funding to expand its service into new countries in Asia, the company said in a statement. The service is currently available in nine countries in the continent.
For Liberty Global, the investment provides an insight into the growing video streaming market as it looks to build its own entertainment offerings, said Bruce Mann, Liberty’s chief programming officer in a statement.