Are you building a startup and want to share your story? Do you have tips for entrepreneurs, or insights to MENA industries? Submit your article with a photo and we'll get in touch with you.
Photo format: 800 x 491 pixels.
Already with 10,000 hours of content, the service will look to increase its 1.8 million paying subscribers, following its backing by Abu Dhabi's Ruya Partners.
On-demand streaming service, Starzplay, has secured $25 million in debt financing from the Abu Dhabi-based Ruya Partners. The sum will help the streaming platform to create their own original content, which they view as the next step in cementing themselves as a regional champion. Up next, they hope to expand into sub-Saharan Africa and Francophone Africa as well. Boasting more than 10,00 hours or content, Starzplay is available in 20 countries across and claims to have more than 1.8 million paying subscribers.
"UAE’s strong tech-entrepreneurial ecosystem and this new investment will further strengthen Starzplay's capacity to create original content, expand our geographical footprint and cement our lead status as the MENA region’s digital champion,” said Starzplay co-founder and CEO, Maaz Sheikh. “Thanks to Ruya Partners’ investment and our current shareholders, we have the foundation on which to build our plans to list Starzplay, and create even more shareholder value.”
Ruya Partners is an independent alternative investment firm which targets private credit investments, and is a joint venture between Mubadala and Falcon Edge Capital. Their investment in Starzplay represents their first major investment in the UAE tech sector. “As a homegrown brand, Starzplay has disrupted the market and meets the increase in demand for home entertainment. The financing reflects our strategy of backing businesses with strong fundamentals and management teams that have a proven track of executing to plan and delivering long-term value,” said co founder and managing partner of Ruya Partners, Rashid Siddiqi.
Not only will this investment enable the platform to create its own productions, but it will also be able to strengthen their reach and be of long-term value to its stakeholders. The investment follows Starzplay’s partnership with Discovery Inc. to launch the new ‘discovery+’ subscription service as well as a partnership with Abu Dhabi Media to stream live UFC events and a content library of previous fights.
Learn more about Starzplay here.
Sign up for the daily Startup Digest.