Saudi Arabian Digital Media Firm Telfaz11 Raises $9 Million From Investors
Movie theaters may have recently returned to Saudi Arabia, but some investors are banking that the country won’t lose its voracious appetite for online videos, which thrived during the decades-long ban on cinemas.This week Saudi Technology Ventures and VentureSouq injected $9 million into Riyadh-based Telfaz11, a digital media company founded in 2011 that helps produce and distribute Arabic video content. It’s what’s known as a Multi-Channel Network, or MCN, which is an organization that offers a variety of services to YouTubers, such as assistance with content creation, advertising and cross-promotion, usually in exchange for a percentage of revenues generated by videos.Telfaz11 is far from the only player looking to capitalize on the space—there’s also UTURN, an entertainment company founded in 2010 in Jeddah that raised $1o million from Beirut’s Leap Ventures about two years ago.
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