Quibi Secures Another $750 Million in Funding

Quibi has closed a second funding round, raising $750 million ahead of the April 6 launch.

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 Ambereen Toubassy, CFO of Quibi. “This round of $750 million gives us tremendous flexibility and the financial wherewithal to build content and technology that consumers embrace.”

“We are pleased to close this second round of funding as we prepare for our launch next month,” added Meg Whitman, CEO of Quibi. “We have strong content and an app design and user interface which is resonating with early users. We found significant interest from long-term investors in the financial, distribution and content arenas who were excited to participate in this round. 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.”

Launching on April 6, Quibi will deliver 175 new original shows and 8,500 individual episodes in its first year. New episodes will be delivered daily in lengths of ten minutes or less.