Hooq raises USD 25 mln, plans to invite outside investors

Wednesday 11 January 2017 | 15:55 CET | News

Southeast Asian streaming company Hooq has raised USD 25 million in capital from existing investors Singtel, Sony Pictures and Warner Brothers, according to TechCrunch. Singtel owns 65 percent and said it has invested another SGD 23.7 million (USD 15.5 mln). Sony and Warner, which own 17.5 percent each in Hooq, have added the remainder.

Hooq also said it had initially raised USD 70 million, a figure that had not previously been made public, said TechCrunch. Hooq CEO Peter Bithos told the web portal that the capital increase was "a drawdown of originally committed amount", but the company is preparing to welcome outside investors for the first time later this year.

Hooq first went live in Indonesia, Philippines, India and Thailand in 2015 before adding Singapore, its home market, last year.

Hooq and fellow Southeast Asian rival iFlix had a head start on Netflix, which did not expand its service globally until January 2016. The two services held a number of advantages over Netflix, since it lacked carrier billing and download options until the last few months.

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