African mobile entertainment and internet TV company, iROKO, has announced multiple deals totaling $19m, both in content development and in capital funding.
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 & entertainment company the platform to scale its operations and expand aggressively across the continent.
“With millions more Africans poised to come online via mobile in the coming years, our mission is to lead viewers to content they’ll love.This is something the vast majority of the continent struggles with today,” comments Jason Njoku, CEO and Co-founder of iROKO. “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 [Nollywood] won’t be a joyous union.”
iROKO will channel the investment into local content financing and production, as well as its product and engineering teams in Lagos and New York.