Is online TV Telfaz11’s $9m funding a sign Saudi viewership is changing?
Telfaz11 is one of the most influential digital media company based in Saudi Arabia and was listed among the top 50 startups in Saudi Arabia in 2016 by Forbes Middle East.
Telfaz11 has received a $9 million investment from lead investor Saudi Technology Ventures (STV), according to a company statement.
VentureSouq has also joined the first significant round of venture capital financing.
What’s so special about Telfaz11?
Widely recognized in the Arab digital entertainment space for combining narratives drawn from the local culture with elements of humor, Telfaz11 is the creative force behind a number of successful YouTube shows, including Temsa7LY, Khambalah, Alkhallat, and Telfaz11 Top 5.
The platform 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 utilize the funds for capacity building, to bring Telfaz11 to the next and accelerate revenues by growing its creative and advertising offerings to increase the rate of monetized content, said the statement.
Telfaz11 is growing
“Investing in Telfaz11 will further strengthen our commitment to investing in digital media trailblazers that are shaping the future of the Kingdom’s digital,” said Waleed Alballaa, Partner, STV.
And Telfaz11 has screened three of its short films at Paramount Studios to a number of top Hollywood executives and actors as part of the Saudi Film Days festival, according to Arab News.
The media added that 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.