VC Watch: IFlix Raises $133 Mln.

(RTTNews) - Malaysian video streaming services provider iflix managed to mop up $133 million in investment in a funding drive led by U.S. media group Hearst Corp.

EDBI of Singapore Economic Development Board and DBS private bank, based in Singapore were the other investors. Existing investors Evolution Media, Sky, Catcha Group, Liberty Global, Jungle Ventures and PLDT also joined the funding.

Netflix's minor rival plans to use the proceeds to fund its local language productions and support technology.

iflix, which was launched in 2015 has its presence in 19 countries, mainly in Southeast Asia, the Middle East, and Africa. It claims to have more than 5 million subscribers. The video streaming provider is mainly focused on emerging markets.