Quickflix, a TV and movie streaming company has gotten an early Christmas gift. According to The West Australian, the company has received a $5 million lifeline from FilmOn’s billionaire founder Alki David.
The money will be in the form of a convertible loan and bond facility which the company will use to advance their subscriber growth and restructure the business. David will also join Quickflix’s board along with FilmOn.TV Asia’s president, Tim Boyd.
David said his investment in Quickflix has extended his already large investments in IPTV and digital streaming. “Quickflix represents a key invetsment for me and the growth potential for the company in the Asia Pacific market and beyond is staggering,” he said.
Quickflix founder and chief executive Stephen Langsford said the company was delighted to secure funding from international investors who understood the high growth sector in which Quickflix operated and the opportunity in the region.
You can read more about this story at The West Australian.