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Quibi Raises Additional $750M for Streaming Service

Quibi said it raised an additional $750 million in a second round of funding.

Founded by Jeff Katzenberg and Meg Whitman, Quibi is a subscription service that is creating short-form content intended to be viewed on mobile devices. Quibi is short for “Quick Bites.”

Quibi’s initial $1 billion in funding came from sources including the big Hollywood studios. The company said the second round included investments from new and existing investors such as studios, major technology companies, strategic partners and financial investors.

“We are 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,” said Meg Whitman, CEO, Quibi. “We found significant interest from long-term investors in the financial, distribution and content arenas who were excited to participate in this round.”

Quibi had previously said it had sold $150 million worth of advertising, selling out all of its year one revenue.

“We are also excited about all of our launch advertising partners which include: Procter & Gamble, T-Mobile, PepsiCo, Anheuser-Busch InBev, Walmart, Progressive, Google, Taco Bell, Discover and General Mills,” Whitman said.

Jon Lafayette
Jon Lafayette

Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.