iROKOtv, a Nigerian video on demand (VOD) service, has raised a further US$8 million in funding, fuelling plans to dominating the pan-African market.
“The US$8 million raised by Tiger Global, Kinnevik and Rise Capital will further fuel our expansion and help us to realise our long term goal of becoming one of Africa’s preeminent media companies,” says Jason Njoku, IROKOtv Co-founder and Chief Executive Officer.
“We started life three years ago as a Nollywood content aggregator on a YouTube channel and today we find ourselves with a VC-backed dedicated VOD platform, watched in 178 countries around the world, with one million unique visitors a month. These metrics were achieved with hard work from a great international team and today’s news allows us to continue in the same vein and accelerate our growth,” says Njoku.
iROKOtv plans to use the new funding to target African-based online users.
“We have forged a niche in African movie programming and captured people’s imagination in terms of bringing previously unobtainable yet popular content, loved by millions, to a global audience on an awesome platform. This additional capital allows us to consolidate our position as VOD market leaders for Africa, invest in tech, content and infrastructure,” says Bastien Gotter, iROKOtv Co-founder and Chief Operating Officer.
iROKOtv also intends to move away from an advertising revenue structure to a subscription based service.
“Importantly, we are now in a position to become profitable by 2015, which is an extraordinary feat for any start-up, let alone an African VOD one like ours,” says Gotter.