Funds secured for iROKO’s Africa expansion
LAGOS, (CAJ News) – IROKO, the African mobile entertainment and internet television pioneer, has announced multiple deals worth US$19 million (N3,78 billion) to expand into the continent.
French media giant CANAL+, together with existing investor Kinnevik AB, are investing in addition to iROKO’s own cash flow to give the leading African tech and entertainment company the platform to scale its operations and expand aggressively across the continent.
IROKO will channel the investment into local content financing and production, as well as its product and engineering teams in Lagos and New York.
The ambition is to produce at least 300 hours of original content in 2016, with the expectation of doubling that by 2018.
This will enable the company build on its already extensive catalogue, making it arguably one of the largest libraries of local African content.
The announcement also sees Jacques du Puy, President of Canal+ Overseas, join the iROKO board.
Jason Njoku, Chief Executive Officer and Co-founder of iROKO, said with millions more Africans poised to come online via mobile in the coming years, their mission was tolead viewers to content they would love.
“This is something the vast majority of the continent struggles with today. We hope to bridge that divide, and this additional investment supports such a plan.
“For us, there is no version of reality where the marriage between Africa’s most powerful communication tool (mobile) and the most prolific and loved entertainment provider won’t be a joyous union,” Njoku said.
Fabrice Faux, CFO of Canal+ Overseas, congratulated the iROKO team and investors for their achievements.
“We are proud to partner for the scale-up in French-Speaking Africa, with clear ambitions and the means to reach them,” Faux said.
– CAJ News
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