As stated by Ventures Africa, iROKOtv has made public their achievement of a funding round that has grasped $8 million for the internet based company. The funding round was lead by Tiger Global as well as Swedish Kinnevik and Rise Capital. What does this $8 million mean for the company? They have officially breached the $20 Million mark, and are now one of the highest bankrolled internet companies across the African peninsula.
Globally, Piracy is a problem. Anyone and everyone involved in the media industry are doing their best to ensure that they do not fall victim to the cancer that is piracy. A recent study on piracy published by go-gulf.com found that 70% of online users find nothing wrong with piracy. As an internet company focused on Nigerian movies, what separates iROKOtv from the pack? It is simply the long term vision. They are the first of their kind, and many would expect them to fail seeing as they are sailing unexplored waters. However they have used this to their benefit by ensuring they are the ones who are writing the rule book on how things are going to be done. Investors respect business leaders, and Jason Njoku (CEO of iROKOtv) is the quintessential business leader.
One other aspect of iROKOtv’s success that no one really talks about is the good reputation it has established with foreign media companies. Africa is the new frontier; more and more people across the world are coming to Africa to find the ‘African dream. Notably as a direct result foreign media companies are reporting on everything African, sometimes giving undeserved credit to companies like iROKOtv; basically hyping it up more than necessary. This has definitely played a part in the success of the company and its ability to raise millions of dollars in funding.
‘DREAM BIG!’ I can imagine this phrase was used a lot during the negotiation meetings between iROKOtv executives and the investment companies mentioned above, primarily because they plan to do some massive expansion projects with the newly available funds. The company plans to amplify their London based technology team in addition to further penetration in North America and Europe. These are not easy goals to achieve, but iROKOtv has proved itself as a viable investment. The increase in viewers will lead to an increase in profits, which is the investors’ main concern.
The news of iROKOtv’s new investors should be hailed as revolutionary, whether they deserve it or not is simply inconsequential at this point. All businesses across Africa should look to iROKOtv and learn from them, because they are doing a lot of things right.
The news of iROKOtv’s new investors should be hailed as revolutionary, whether they deserve it or not is simply inconsequential at this point. All businesses across Africa should look to iROKOtv and learn from them, because they are doing a lot of things right.
