Barely 3 months after raising $8million in venture capital from New York private equity and hedge fund Tiger Global Management, Iroko Partners, the world’s largest online distributor of Nigerian movies, has just closed on a $2 million round of funding from Swedish-based Kinnevik, an early investor in group buying site Groupon.
Iroko Partners is the holding company of IrokoTV, a Nigerian movie streaming service which has consistently been dubbed ‘The Netflix of Africa’. IrokoTV is YouTube’s biggest partner in Africa, boasting over 150 million views in 2011. Iroko Partners also enjoys content distribution deals with Dailymotion, iTunes, Amazon and Vimeo. The company was founded by Jason Njoku, one of 10 Young African Millionaires To Watch this year.
Speaking about the new round of funding, Njoku said the investment is “an awesome catalyst for us to increase our offering and solidify our market leadership.” According to him, “Kinnevik’s vast experience of working in emerging markets, combined with the momentum that iROKO Partners has gained in aggregating the African diaspora is a winning combination.”
According to inside sources, the new investment from Kinnevik will be used to grow iROKO Partners’ operations in New York, London and Lagos, as well as to purchase more content for IrokoTV.