Russian video-on-demand service ivi raises $40 million

andrii@tech.eu

ivi, one of Russia’s largest over the top (OTT) video-on-demand platforms, has secured $40 million in funding from the Russian Direct Investment Fund (RDIF), Mubadala Investment Company (UAE), Baring Vostok, Flashpoint VC, RTP Global, and Winter Capital.

The company claims to be holding 42 percent of Russia’s licensed professional OTT video-on-demand market, or twice as much as the second-largest player. ivi’s revenues reached some $63 million in 2018, the company said in a statement.

ivi plans to use the capital injection to “further accelerate [its] growth and solidify its market-leading position,” particularly by expanding the company’s own content production.

Image credit: JESHOOTS.COM on Unsplash

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