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$8m Funding Round for VOD Platform iROKOtv

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iROKOtv, the Africa-based movie platform for Nigerian movies, known colloquially as ‘Nollywood’, today announces a funding round of $8 million, led by existing investor Tiger Global, with further participation from Sweden-based Kinnevikand introducing new investor to this round, US-based Rise Capital .

This brings the total raised to $21 million, arguably making iROKOtv one of the most well funded internet companies in Africa today.

iROKOtv is the leading Video-on-Demand (VOD) platform for African content and following the announcement of the $8 million investment, the company will continue to focus its attention on growing traffic, content curation and building a platform-agnostic distribution system for its 1Mn monthly users.

To-date, the capital raised by iROKOtv has been used to acquire content, expand the London-based tech team, develop mobile websites and applications and open offices in London, New York and Johannesburg, alongside the company’s Lagos headquarters. iROKOtv now holds the world’s largest online catalogue of African content, with over 5,000 movies.

The new capital will be channeled at building and transitioning the company’s audience from a primarily Diaspora base to an African base, as well as migrating from a largely ad supported model to more subscription service.

Currently, 50% of iROKOtv’s audience is located in the UK and US alone, but with the continent coming online, demand for homegrown multi-platform video content is rising fast.

There will also be a renewed focus on monetizing iROKOtv’s catalogue through its SVOD service, iROKOtv PLUS, as well as through its strategic distribution partnerships with global airlines and TV channels.

Jason Njoku, CEO and co-founder said: “The $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. 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.”

Bastian Gotter, COO and co-founder said: “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 and, 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.”

Today’s announcement also sees a new investor, Rise capital, brought into the funding series, with Gotter adding: “Nazar’s guidance as our first outside investor and active board member has significantly helped our development as a company, so we are excited to strengthen this relationship with him and the Rise Capital team. We look forward to continuing to benefit from their global investment expertise.”

Nazar Yasin, managing partner of Rise Capital said: “We are very pleased to participate in this round of financing alongside Kinnevik and my former colleagues at Tiger Global. Having worked with Jason, Bastian and the team since their early days, we at Rise Capital look forward to continuing to help them scale their content acquisition and distribution channels and secure their positioning as Sub-Saharan Africa’s largest and most impactful media company.

Mia Brunell Livfors, President and Chief Executive Officer of Kinnevik added: “This latest funding round for iROKOtv is testament to the fact that Kinnevik continues to support them on their journey to becoming one of Africa’s most exciting and far-reaching media companies”.

On 1 July 2012, iROKOtv introduced a subscription service (SVOD) to its site, iROKOtv PLUS , where for $5 a month, subscribers are the first to access the 12 brand new movies uploaded onto the site every month. The iROKOtv PLUS business is currently growing rapidly and is now the largest single source of revenue for the company, revealing that more consumers are willing to pay for quality content. 95% of content on iROKOtv continues to be free and is supported by an advertising (AVOD) business model.

iROKOtv has aggregated the world’s largest online Nollywood catalogue, now standing at 5,000+ movies and the company has been credited by for pioneering VOD for Africa and African continent. Coined by the media as the ‘Netflix of Africa’, iROKOtv has successfully disrupted and reorganised the multi-million dollar Nigerian movie industry’s distribution infrastructure.


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NITDA, NIMC Partner for Seamless Data Exchange Capabilities

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National Information Technology Development Agency (NITDA) and the National Identity Management Commission (NIMC) have announced a collaboration on National Public Key Infrastructure (PKI) and Digital Public Infrastructure (DPI) to enhance synergy between digital identity, payment ecosystems and secure seamless data exchange capabilities for Nigeria.

NITDA, NIMC Partner for Seamless Data Exchange Capabilities

l-r: Kashifu Inuwa, Director General of NITDA, and Bisoye Coker-Odusote,  Director General of NIMC, during the meeting at the NIMC headquarters in Abuja..

NITDA, which made the announcement on its X handle, said that the collaboration was to further strengthen Nigeria’s digital economy in line with President Bola Tinubu’s Renewed Hope Agenda,

During the meeting, Kashifu Inuwa, director general of NITDA, and Bisoye Coker-Odusote, director general of NIMC, with some management staff of both organisations, discussed various initiatives, which include building DPI stacks for a secured and seamless data exchange and forming partnerships to transform the national identity system.

This collaboration also aims to harness the potential of the innovative ecosystem and emphasise the use of public-key infrastructure (PKI) to drive digital transformation in Nigeria.

To ensure a smooth implementation, a 12-man committee was set up.

This committee will play a crucial role in kickstarting and harmonising the initiatives and is expected to deliver a comprehensive implementation report within the next 4 weeks.

 

 


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Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

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Noble Ajuonu, head, Sydani Technologies Ltd., has urged the Federal Government to harmonise National Identification Number (NIN) and Bank Verification Number (BVN) to tackle crimes and insecurity in the country.

Expert Urges FG to Harmonise NIN, BVN to Tackle Crimes

Ajuonu made the call at a media roundtable, organised by Sydani Group in Abuja.

The News Agency of Nigeria (NAN) reports that the roundtable focuses on driving sustainability through a comprehensive analysis of Nigeria’s key development areas.

Ajuonu said that Nigeria could overcome its security challenges and pave the way for a safer, more secure future for all Nigerians by embracing technology and implementing practical solutions,

“We need to harmonise data, prioritise seamless integration of databases like NIN, BVN, and security agency records, establish clear protocols for data sharing and access, with robust safeguards against misuse,’’ expert said.

According to him, the unified data pool will empower intelligence gathering and targeted operations.

He also called for investments in smart surveillance, intelligent video analytics software, training of personnel in data analysis, interpretation of data in real-time to combat crimes.

“There is need to implement a legal framework for call interception in criminal investigations, with strict oversight to prevent abuse, encourage community cohesion, training of tech savvy security personnel with tech-enabled tools.’’

Ajuonu also urged the government to address infrastructure deficit in technology, saying that technology was all encompassing to address insecurity.

“According to the National Identity Management Commission (NIMC), as of December 2023, only 104.2 million Nigerians had been enrolled for the National Identity Number (NIN).’’

Ajuonu added that over 122.2 million citizens left uncaptured for NIN were people in rural areas where enrolment centres, digital services were limited.

“Most crimes are being perpetuated from rural communities and this lack of comprehensive identification creates a gap where elements not captured in the national database can constitute public nuisance, crimes.

“There is the inadequacy in the integration of NIN, BVN and Voters Identification Number (VIN).

“Advanced call interception and analysis tools, used successfully in other countries, could provide invaluable insights into criminal networks and operations but infrastructure is lacking,’’ he said.

Also, Mr Godfrey Petgrave, the Agricultural Expert, Sydani Group, called for empowerment of smallholder farmers with access to finance and training to enhance productivity.

According to Petgrave, Nigeria requires policy reform and institutional strengthening to improve agricultural practices and embrace digital agriculture solutions to address food insecurity.

Mr Akolade Jimoh, another expert of the group on health, advocated for expanded community-based health insurance programmes for rural and underserved areas.

Jimoh added that the country needed to encourage Public Private Partnership to revolutionise products design and quality improvement on health services.


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Konga launches Infinix Brand Week with Incredible Deals

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Konga, Nigeria’s leading composite e-commerce group, is thrilled to announce the launch of amazing deals at its Infinix Brand Week. Infinix, a leading global smartphone brand known for its innovative products and cutting-edge technology promises exclusive discounts and special offers on select smartphones, marking an exciting milestone in the realm of online shopping.

Shoppers can expect nothing short of extraordinary deals on a wide range of Infinix products, all available exclusively on the Konga online platform. With discounts of up to 30% off, this partnership between Konga and Infinix aims to redefine the shopping experience for tech enthusiasts across Nigeria.

Konga Brand Week has become synonymous with excitement and unbeatable deals, and this year’s edition is no exception. In addition to exclusive discounts on Infinix smartphones, shoppers can explore a diverse array of products across various categories, including electronics, fashion, home essentials, and more.

“At Konga, we are dedicated to providing our customers with the best shopping experience possible,” said Rita Ohaedoghasi, VP Marketing at Konga. “The Infinix Week during Konga Brand Week allows us to continue delivering on that promise by offering incredible discounts and special offers on some of the most sought-after smartphones in the market.”

To stay updated on the latest developments and exclusive deals during Konga Brand Week, shoppers are encouraged to connect with Konga across all platforms, including social media and the Konga website. Don’t miss out on this opportunity to score big savings and elevate your tech game with Infinix and Konga.


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