Telly raises $8 million in fnding and acquires Sha-Sha Entertainment
Telly has announced that they have raised $8 million in a second round of funding and has acquired the “Netflix of the Arab world” Sha-Sha Entertainment. Cinemagic and Lumia Capital are joining early investors Azure Capital, Draper Fisher Jurvetson, Felicis Ventures, and Georges Harik.
“We’re building a socially-connected on-demand film and video content service that will quickly rival the small regional services currently in market as well as those from the likes of Amazon, Hulu and Netflix who many expect to eventually launch in the Middle East,” stated Telly founder and CEO Mo Al Adham. “In partnership with Mohammad El Saadi and the Sha-Sha team, we’re engaging major Hollywood studios who are eager for a superior technology solution to distribute leading content to underserved markets at launch.”
Telly will be using the new round of funding to open an office in Dubai, hire more people, and further develop their technology. Based in San Francisco, Telly was founded in 2009. Telly has raised a total of $21 million thus far and now has around 11 million users.