Wamda Capital, Endeavor Catalyst Fund, and Dash Ventures recently teamed up to invest $5 million in Kharabeesh, the multi-channel network best known for its popular online comedy videos.
The network, which helped launch the careers of such stars as Rajae Qawas and Tima Shomali, receives 82 million monthly views and has 12.5 million subscribers across the company’s seven different platforms.
Kharabeesh CEO Mohammed Asfour, who cofounded the company in Amman in 2008 alongside Wael Attili, Shaher al Otaibi, Wafa Nabulsi, and Firas Al Otaibi said the $5 million investment will be used to push for greater expansion in the region and to tackle the tricky matter of monetization.
Why do you think this group of investors was so attracted to Kharabeesh?
The group of investors at this stage was attracted to a proven scalable growing business model that is backed up with technology.
What will the money be used for? Can you give some specific examples?
As well as expanding our operations in Dubai and Jeddah, the use of proceeds were distributed to achieve growth between the discovery and development phase and producing content, monetization, and technology.
Do you think this investment is a sign that investors are finally starting to see the potential of media companies like Kharabeesh? What more needs to be done to convince more investors to get involved?
I don’t think it’s the trust in media companies, I would say it’s the trust in creating a growing money-making machine while disrupting the industry.
How is Kharabeesh performing at the moment in terms of securing traffic, likes, and TV deals?
Kharabeesh is focusing more on the success rate of monetizable traffic. It’s not about generating blind views and reach anymore. And TV is always a secondary revenue stream for us.
How do you see your industry developing across the Middle East over the next decade?
I would say the modern media industry has a great potential. I see what we predicted to happen five years ago is starting now.