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

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

MTN Nigeria gets indigenous Chief Financial Officer

MTN Nigeria has announced the appointment of Adekunle Awobodu as its new Chief Financial Officer (CFO).  Read More

Networks Unlimited partners with Rubrik

Anton Jacobsz, MD at Networks Unlimited Networks Unlimited has been named as sole distributor of Rubrik converged data management solutions in Africa.  Read More

Payroll fraud: a serious threat to your business’s sustainability

Payroll is one of the largest expenses for Small & Medium Businesses and larger enterprises in West Africa, yet many organisations are neglecting the importance of managing the risk of fraud in this area of the business. Read More

Nigeria goes live with Bsystems Collateral Registry System

Nigeria has become the fourth country to roll onto the Collateral Registry System developed by Ghanaian technology solution firm Bsystems. Read More

Arbitration to support justice, says Globacom

Globacom Nigeria says its support of the International Chamber of Commerce, (ICC) Africa Regional Arbitration Conference in Lagos is a demonstration of its belief that arbitration would further enhance the cause of justice in the country. Read More

Dimension Data names new group CEO

Dimension Data has announced the appointment of Jason Goodall as Group Chief Executive Officer, as Brett Dawson, current CEO, steps down after 12 years. Read More

Solar developer Phanes Group opens African head office in SA

International solar energy developer, investment manager and asset manager Phanes Group has launched an office in Johannesburg, South Africa – its first African office.  Read More

We’re insulated from Nigeria’s forex problem, says IHS

IHS Towers says it has not been hard hit by ongoing foreign exchange (forex) squeeze in Nigeria because it is a foreign direct investment (FDI) vehicle into the country. Read More

PRESS OFFICES

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

FEATURED STORY

Government should encourage youths in ICT earlyGovernment should encourage youths in ICT early

Youths should be given more encouragement to develop their ICT skills, an 11-year-old app developer told Kokumo Goodie.

Advertisement

IN DEPTH

IBM Opens First Cloud Data Centre in South AfricaIBM Opens First Cloud Data Centre in South Africa

IBM is opening a new IBM Cloud Data Centre in Johannesburg, South Africa. The new cloud center is the result of a close collaboration with Gijima and Vodacom and is designed to support cloud adoption and customer demand across the continent.  

COMPANY NEWS

Tigo, JI and GES equip teachers on child online protection initiative

Tigo, in partnership with J Initiative (JI), a youth focused non-governmental organisation in Ghana, have committed to protecting children online through policy advocacy, awareness creation, public education ...