Telfaz11, a Saudi-based digital media company, has received a $9 million investment from lead investor Saudi Technology Ventures (STV) while VentureSouq also joined the Series A round of funding.
Telfaz11 is the creative force behind a number of successful YouTube shows, including Temsa7LY, Khambalah, Alkhallat, and Telfaz11 Top 5.
It said in a statement that the platform has gained widespread popularity across the region through its "engaging content that has influenced social trends and given a voice to the Saudi community".
With a growing viewership of over 20 million followers and more than 2 billion views on YouTube, Telfaz11 is set to use the funds for capacity building to take Telfaz11 "to the next level of operational, programmatic, financial or organisational maturity".
It plans to accelerate revenues by growing its creative and advertising offerings to increase the rate of monetised content and scale operations through a strategic expansion in key neighbouring markets.
“Since the inception of Telfaz11 in 2011, our goal has been to support the growth of Saudi’s entertainment sector by creating local creative online content that resonates strongly with domestic and GCC audiences,” said Alaa Yousef Fadan, CEO, Telfaz11.
“Having such leading partners on board will allow us to benefit from their extensive knowledge and expertise and provide a significant boost to our creative output and production capabilities,” Fadan added.
Waleed Alballaa, partner, STV, said: “We believe the digital and entertainment ecosystems in Saudi Arabia are ripe for disruption and can unlock value on a regional level. Investing in Telfaz11 will further strengthen our commitment to investing in digital media trailblazers that are shaping the future of the kingdom’s digital landscape through innovation and ambition.”
Telfaz11 was listed among the top 50 startups in Saudi Arabia in 2016 by Forbes Middle East. In May, the company will be screening short films at the Cannes Film Festival where it will be representing Saudi filmmakers along with the Saudi Film Council.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Subscribe to Arabian Business' newsletter to receive the latest breaking news and business stories in Dubai,the UAE and the GCC straight to your inbox.