A Saudi Arabia-based digital media company raised $9 million in a Series A round of funding, according to reports.
Telfaz11, with over 20 million subscribers on their network, and reporting more than 2 billion views on YouTube, is a leading Arabic Multi-Channel Network (MCN) which seeks to change the face of home-grown online entertainment.
Telfaz11 has raised $9m.
“As a pre-eminent platform in the region for nurturing local talent, we are committed to conceptualizing and producing entertaining and creative online content through our YouTube partnership as well as influence social trends and showcase the richness of our culture,” Telfaz11 says on its website.
The investment came from KSA-based Saudi Technology Ventures (STV), a $500 million Riyadh-based VC fund anchored by Saudi Telecom, as lead investors, with the participation of UAE-based early-stage funding platform VentureSouq, Entrepreneur magazine reports.
Telfaz11’s creative shows have gained widespread popularity within Saudi Arabia and beyond for combining narratives drawn from the local culture with elements of comedy, the company says.
The startup plans to utilize the funding proceeds for capacity building, for its plans to increase the rate of monetized content, and for its strategic expansion plans in “key neighboring markets,” according to Entrepreneur.
