iROKOtv Raises $19 million

iROKOtv, one of Africa’s leading internet television businesses, has just announced that they have signed multiple deals worth millions of dollars that will help them with their content development and capital funding.

iROKOtv was launched in December 2011 and was marketed as an internet streaming television service – much like Netflix – that was closely focused on Nollywood; Nigeria’s film and television industry named after Hollywood.

With Netflix launching in African countries this month, it was a good move from iROKOtv to procure the funding they needed to develop their content further to have it on parr with Netflix.

The funding for iROKOtv  are from French media giant CANAL+ together with existing investor Kinnevik AB have invested $19 million.

This is added to a previous investment of around $25 million from investors such as Tiger Global, Kinnevik and RISE Capital, according to iROKOtv.

The company said that this latest round of funding would be used to create more original content and help iROKOtv break into the African market:

“…The ambition is to produce at least 300 hours of original content in 2016, with the expectation of doubling that by 2018…his will enable the company to build on its already extensive catalogue, making it arguably one of the largest libraries of local African content,” the company said in a statement.

iROKOtv plans to be one of the biggest suppliers of original content on internet television streaming solutions in Africa.