Short form video streaming service Quibi announced Wednesday that it’s closed a second funding round — raising $750 million ahead of its scheduled launch next month. The second raise included…
announced Wednesday that it’s closed a second funding round — raising $750 million ahead of its scheduled launch next month.– 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.”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.
She said launch advertising partners include: Procter & Gamble, T-Mobile, PepsiCo, Anheuser-Busch InBev, Walmart, Progressive, Google, Taco Bell, Discover and General Mills., launches April 6. Quibi will deliver 175 new original shows and 8,500 individual episodes in year one.
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