Courtesy : Variety
It might seem astronomical numbers and while, to an extent they are, short-form video streaming platform, Quibi announced that it’s closed a second funding round — raising $750 million ahead of its scheduled launch next month. Closing this financing round brings the platform’s total raised to $1.75 billion
The second raise included investments by new and existing investors – studios, major technology companies, strategic partners and financial investors.
“We concluded a very successful second raise which will provide Quibi with a strong cash runway,” said Quibi CFO Ambereen Toubassy. “This round of $750 million gives us tremendous flexibility and the financial wherewithal to build content and technology that consumers embrace.”
CEO Meg Whitman said the company is “pleased to close this second round of funding as we prepare for our launch next month. We have strong content and an app design and user interface which is resonating with early users.” As such, “We found significant interest from long-term investors in the financial, distribution and content arenas who were excited to participate in this round.”
She said launch advertising partners include: Procter & Gamble, T-Mobile, PepsiCo, Anheuser-Busch InBev, Walmart, Progressive, Google, Taco Bell, Discover and General Mills.
The service, founded by chairman Jeffrey Katzenberg, launches April 6. Quibi will deliver 175 new original shows and 8,500 individual episodes in year one.