Quibi Is Shutting Down After Raising $1.75B In Funding
Summary
An article by Christine Hall, dated October 21, 2020, reporting that Quibi is shutting down after raising $1.75 billion in funding, with The Wall Street Journal citing sources that founder Jeffrey Katzenberg 'called investors to tell them he is shutting the service down' after much speculation. The Los Angeles-based short-form streaming video service was founded by Katzenberg in 2018, is led by Meg Whitman, and came onto the scene about six months earlier, just as the global pandemic was in full swing. Crunchbase data show a $1 billion venture round in 2018 led by Madrone Capital Partners, with The Walt Disney Company, Time Warner and Alibaba Group, and a $750 million private equity round announced in March.
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Startups • Venture Quibi Is Shutting Down After Raising $1.75B In Funding Christine Hall October 21, 2020 Christine Hall ChristineMHall After much speculation throughout the day , media outlets are now reporting that media company Quibi is shutting down. The Wall Street Journal reported sources saying founder Jeffrey Katzenberg “called investors to tell them he is shutting the service down.” That follows The Information ’s report of Katzenberg unsuccessfully pitching Quibi as an acquisition to Apple, Facebook and Warner Media. Subscribe to the Crunchbase Daily The Los Angeles-based short-form streaming video service was founded by movie producer Katzenberg in 2018, and is led by Meg Whitman , former CEO of Hewlett-Packard . However, Quibi didn’t come onto the scene until about six months ago, just as the global pandemic was in full swing. Users could subscribe to the service, which offers 5-minute to 10-minute “chapters” of shows featuring Hollywood stars such as Chrissy Teigen , Kevin Hart and Anna Kendrick. WSJ reported the company’s challenges ranged from attracting and retaining subscribers to coming into a market that was already saturated. In total, Quibi raked in $1.75 billion in funding in two rounds, according to Crunchbase data. The first was a $1 billion venture round in 2018 led by Madrone Capital Partners that included high-profile investors The Walt Disney Company , Time Warner and Alibaba Group . The second was a $750 million private equity round announced in March. Photo: Jeffrey Katzenberg demonstrates Quibi’s Turnstyle technology at Sundance 2020 on January 24, 2020 in Park City, Utah. (Photo by Daniel Boczarski/Getty Images for Quibi) Stay up to date with recent funding rounds, acquisitions, and more with the Crunchbase Daily. You may also like Artificial intelligence • Education tech • Job market • Startups • Workplace How To Build Your Team With Autonomous Humans, Not Just Autonomous Systems Guest Author October 15, 2026 As AI enables smaller, faster teams, companies should hire curious, adaptable people who challenge established practices and can be trusted to make... Artificial intelligence • Fintech • Startups • Venture Exclusive: Chariot Raises $10M To Help Consumers Fight Back Against Hidden Fees And Hard-To-Cancel Subscriptions Mary Ann Azevedo October 15, 2026 New York-based Chariot Claims has raised $10 million in Series A funding led by Silverton Partners to help consumers pursue claims over alleged... Artificial intelligence • Sales & Marketing • Seed funding • Startups • Venture Exclusive: Stella & Dot Founder Raises $5M For Her Next Act, AI Marketing Startup Marklo Mary Ann Azevedo October 14, 2026 In this Crunchbase News exclusive, we spoke to Marklo AI founder Jessica Herrin about her solution to the marketing problems she encountered when... Artificial intelligence • Fintech • Startups • Venture How I Learned That Some Startup Problems Are Too Big For A Minimum Viable Product Guest Author October 14, 2026 Complex, interconnected problems like compliance require a comprehensive product from the outset, argues guest columnist Daniel Kjellén, CEO and co...
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