Quibi Raises Additional $750 Million Ahead of Launch

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Jeffrey Katzenberg and Meg Whitman

This adds to the $1 billion that Jeffrey Katzenberg and Meg Whitman raised in 2018 for their mobile video startup.

Quibi has raised an additional $750 million as it prepares to launch its mobile-first video service in April. 

The company, led by CEO Meg Whitman and chairman Jeffrey Katzenberg, did not disclose its investors but said they included new and existing backers that represented studios, technology companies, strategic partners and financial firms. The round includes the approximately $400 million that the company had previously confirmed it had raised.

Quibi, which launches April 6, has been stockpiling content over the last two years so that it will be able to offer hours of programming immediately to subscribers. It plans to release 175 original shows, consisting of 8,500 episodes, in its first year. It has also developed a technology called Turnstyle that will allow people to watch videos optimized for both the horizontal and vertical orientation on their phones. 

Quibi will launch with distribution partner T-Mobile. It also has $150 million in advertising commitments from Procter & Gamble, PepsiCo, Anheuser-Busch InBev, Walmart, Progressive, Google, Taco Bell, Discover and General Mills.

"We are pleased to close this second round of funding as we prepare for our launch next month," Whitman said in a statement. "We have strong content and an app design and user interface which is resonating with early users." 

Quibi raised $1 billion in 2018 from investors including Alibaba and the major Hollywood studios to begin to build out its mobile video business.