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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.