Hearst Corp. has backed iflix, a subscription video-on-demand service for emerging markets.
Hearst led a $133 million funding round, while new investors such as Singapore-based EDBI also joined in. Existing shareholders Evolution Media, Sky plc, Catcha Group, Liberty Global, Jungle Ventures and PLDT Inc. also participated in the funding round, the company said Aug. 7.
Iflix, which has raised more than $220 million of capital in 2017, plans to use the new funding to invest in its local content strategy.
Iflix was advised by Moelis & Co. LLC, Delta Partners and Herbert Smith Freehills on the transaction.