Quibi, the soon-to-launch subscription service for short-form content on mobiles, founded by Jeff Katzenberg and Meg Whitman, has raised $750 million (€671m) in second round funding.
Quibi’s, short for “Quick Bites”, initially raised $1 billion from Hollywood studios and others. The company said the second round included investments from existing investors and new ones.
“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 had previously said it had sold $150 million worth of advertising. “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.
Content partners for the platform so far include BBC, Comedy Central, WWE, Marvel and Hollywood director Steven Spielberg among otheres. The service is set to go live in the US on April 6th.