African movies and music online distributor, Iroko Partners recently raised a $2 million round from Swedish venture capital group, Kinnevik, Reuters reports. The new round of funding will be used to take the company’s content distribution service to cable and satellite TV partners in the U.S. and Europe.
“The Internet is one of the most poorly monetized platforms for content,” said Iroko Partners’ Fonder, Jason Njoku. “Since we’re platform-agnostic it would be mad for us not to try and form relationships with TV.”
Kinnevik’s Investments head, Henrik Persson reportedly said his firm sees tremendous opportunity in the African media and online services space. “A part of our investment philosophy is that we think that the perceived risk is higher than the real risk in this market..what people see as a lack of opportunity is a lack of supply,” he said.