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Quibi raises additional $750 million

The short-form platform launches next month

Quibi has secured a further $750 million in second-round funding, bringing its total funds to $1.75 billion.

The short-form platform launches next month with around 50 original titles, spending up to $6 million per hour of programming.

The company did not disclose names of investors in the latest round, but mentioned “studios, major technology companies, strategic partners and financial investors.”

Previous investors include Disney, NBCUniversal, Viacom, Goldman Sachs and JPMorgan.

“We concluded a very successful second raise which will provide Quibi with a strong cash runway,” Quibi CFO Ambereen Toubassy told Variety. “This round of $750 million gives us tremendous flexibility and the financial wherewithal to build content and technology that consumers embrace.”

“We found significant interest from long-term investors in the financial, distribution and content arenas who were excited to participate in this round,” added Quibi CEO Meg Whitman.