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In 2018, Quibi, then called New TV, had announced that it had secured USD 1 billion in funding. The various investors then included Disney, NBCUniversal, Sony Pictures Entertainment, Viacom, AT&T's WarnerMedia, Lionsgate, MGM, ITV, and Entertainment One
Fremont, CA: Upcoming short-form mobile video platform Quibi has raised USD 750 million just one month prior to its commercial launch. Previously, the platform had raised USD 500 million from its second round of funding. The additional investment comes from a mixture of existing and new investors. The latest round takes the company's total financed capital to USD 1.75 billion. Billed as a combination of Silicon Valley and Hollywood expertise, Quibi was set up by former DreamWorks founder Jeffrey Katzenberg and ex-eBay and HP Enterprise chief executive Meg Whitman.
[vendor_logo_first]“We concluded a very successful second raise which will provide Quibi with a strong cash runway,” said CFO Ambereen Toubassy. “This round of $750 million gives us tremendous flexibility and the financial wherewithal to build content and technology that consumers embrace.” In 2018, Quibi, then called New TV, had announced that it had secured USD 1 billion in funding. The various investors then included Disney, NBCUniversal, Sony Pictures Entertainment, Viacom, AT&T's WarnerMedia, Lionsgate, MGM, ITV, and Entertainment One (now part of Hasbro). The funding round was led by VC firm Madrone Capital Partners, with participation from other investors Goldman Sachs, JPMorgan, and John Malone's Liberty Global.
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"We found significant interest from long-term investors in the financial, distribution, and content arenas who were excited to participate in this round," said CEO Meg Whitman." Quibi's content, app design, and user interface are resonating with early users.” The company has been writing big checks to secure original content for its scheduled April 6 launch. The company is said to be spending USD 6 million per hour of programming direct from Hollywood A-listers like Steven Spielberg, Antoine Fuqua, Reese Witherspoon, and Guillermo del Toro for the short-form video service.
Quibi is expected to launch with about 50 short form titles. The content is aimed at customers between the ages of 18 and 34 and will be priced at USD 4.99 per month for content with advertisements, and USD 7.99 per month without ads. In its first year, the company plans to roll out nearly 175 original series and plans to deliver three hours worth of fresh content every day.
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