iROKO Partners closes on USD2m funding

BUSINESS

|
Image: Jason Njoku. By iROKO
Jason Njoku

Nigerian movie distributor iROKO Partners has closed on a final round of funding, totaling USDD2 million, from Swedish-based Kinnevik, an early investor in Groupon.

The additional investment will be used to grow iROKO Partners’ operations in New York, London and Lagos, as well as for purchasing more content for its platforms iROKOtv (movies) and iROKING (music).  

The deal forms part of iROKO Partners’ second round of investment with US-based hedge fund, Tiger Global, in April 2012.

Jason Njoku, Founder & CEO of iROKO Partners, says: “We were already on our way towards becoming a world class company, but this investment is an awesome catalyst for us to increase our offering and solidify our market leadership.”

Headquartered in Lagos, Nigeria and with offices in London and New York and a staff of almost 100, iROKO Partners was set up in December 2010 to bring Nigerian movies (Nollywood) and music to the African Diaspora. Its platform for showing Nollywood movies on demand, iROKOtv, has over 5600,000 registered users and this month moved to subscription-based model. Subscribers can now pay USD5 per month to watch their choice of new Nollywood releases.

Mia Brunell Livfors, President and CEO of Investment AB Kinnevik, said: “We are impressed by the growth and entrepreneurship of iROKO Partners. In two years it has become one of Africa’s top tech companies and a global leader in the distribution of Nigerian movies and music, one of the largest and fastest content categories in the world. The predicted growth for the sector is exciting and iROKO is delivering this content to a global audience and building an online entertainment hub.”



Share the News

Get Daily Newsletter

Search News

comments powered by Disqus

MORE BUSINESS NEWS

Business incubator to boost 200 Zimbabwean entrepreneurs

Agnes Chikukwa-Hove, CEO of KBA Africa 200 would-be Zimbabwean entrepreneurs are set to benefit from business training and support, thanks to a business development programme to be launched by business incubation specialist KBA Africa.   Read More

Union gives Globacom 14 days to reinstate 54 sacked workers

The Private Telecoms & Communications Senior Staff Association of Nigeria (PTECSSAN) has urged Globacom to reinstate the workers it allegedly sacked from its service. Read More

British envoy promises more investors at Rack Centre

Mr Paul Arkwright, British High Commissioner to Nigeria, has promised to do his utmost to encourage more British companies to do business with their Nigerian Counterparts. Read More

UBA, Mastercard in pan-African partnership

UBA and Mastercard have announced a five year deal across 19 markets focused on driving financial inclusion in Africa. Read More

MTN Business partners with the National Gazelles to boost SMEs market

MTN Business today announced a new drive to help support the growth of small and medium enterprises (SMEs) and contribute to creating sustainable entities.  Read More

Travelport appoints new Managing Director for Africa

Travelport has announced the appointment of Douglas Jewson as Travelport’s Managing Director for Africa. Read More

Brexit’s impact on Africa

The short-term implications of Brexit for African economies will be mainly noticeable through market volatility, say Control Risks and NKC African Economics. Read More

Safaricom Blaze to take 2nd youth empowerment summit to Thika

Safaricom will this Friday, 8th July 2016, host the 2nd in a series of youth empowerment summits under its recently launched sub-brand, BLAZE. Read More

Kris Senanu to lead Telkom Kenya Enterprise Division

Telkom Kenya has announced the appointment of Mr. Kris Senanu as the MD of its Enterprise Division. Read More

Liquid Telecom, RBH to acquire Neotel

 Nic Rudnick of Liquid Telecom, Troy Reynolds of Tata Communications and Strive Masiyiwa of Econet Wireless Global  Liquid Telecom, a privately owned pan-African telecoms group majority owned by Econet Global, has entered into an agreement to acquire South African communications network operator Neotel.  Read More

PRESS OFFICES

Sage EnterpriseSAP AfricaTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4AfrikaNetworks UnlimitedArbor NetworksEricssonTigo Ghana

FEATURED STORY

First-ever Africa Barclays Accelerator programme concludesFirst-ever Africa Barclays Accelerator programme concludes

Ten fintech companies have concluded the first-ever Barclays Accelerator, powered by Techstars in Africa.

 

Advertisement

IN DEPTH

Ethical Hacking students can’t get a heck of a jobEthical Hacking students can’t get a heck of a job

Botswana ethical hacking students report that they are failing to break into the local job market.