Before ablution any product, adaptable alive startup Quibi was the allocution of the town, adopting over $1.75 billion from backers alignment from Fox to Alibaba.
Now, the six-month-old startup has gone kaput, and says it has alone $350 actor to pay aback to investors.
Thus the big questions: Who were the bootless startup’s better backers, and how bad are they hurting?
The aggregation started off on a aerial note, raking in $1 billion in its 2018 fundraising round, followed by addition $750 actor this March. Its two co-founders, above Disney and DreamWorks controlling Jeffery Katzenberg and above HP CEO Meg Whitman, hoped to accommodate TV for smartphones by alms shows in 5-to-10 minute “quibis,” abbreviate for “quick bites.”
The video platform’s better aboriginal advocate was the backstairs Madrone Capital Partners, the ancestors appointment of the Waltons, the ancestors absolutism that runs Walmart. The aggregation invested $200 actor in Quibi’s 2018 allotment round, acceleration the bulk put in by Quibi’s abutting two better investors, Katzenberg’s advance captivation aggregation WndrCo and Chinese tech behemothic Alibaba.
Not abundant is accepted about the Menlo Park-based firm, admitting the Waltons afresh topped Bloomberg’s account of the world’s richest families: They’ve added at atomic $25 billion this year to booty their accumulated affluence to an estimated $215 billion. The ancestors abundantly absent over $150 actor on scandal-plagued Theranos.
Quibi additionally accustomed abetment from big-name investors from Wall Street and Silicon Valley, including Google, JPMorgan, and Goldman Sachs, which anniversary put in $50 million, according to abstracts aggregate by The Information. Big-name VC close Breyer Capital, which was founded by aboriginal Facebook broker Jim Breyer, additionally put money into the startup in 2018.
Owing in allotment to Katzenberg’s cachet as a article of a larger-than-life media administrator — he was administrator of Disney afore co-founding DreamWorks Animation and administering the assembly of activated franchises like Shrek, Madagascar, and Kung Fu Panda — Quibi corralled investments from around every above Hollywood flat in 2018. That included Lionsgate, MGM Studios, NBC Universal, Sony Pictures Entertainment, Walt Disney Co, Warner Bros Entertainment, and 21st Century Fox, according to Pitchbook data.
Those companies acceptable invested to get aboriginal admission to assembly projects from Quibi, which bet its business archetypal on admirers advantageous to watch slices of dramas and ad-lib shows while, for example, cat-and-mouse in band for coffee at Starbucks. They put in over $150 actor in 2018, with the better Hollywood flat investors actuality Disney, Fox, and Time Warner, which anniversary put in $25 million, according to The Information.
The studios, however, may ache beneath accident than Quibi’s added institutional backers. That’s because abounding ball companies accustomed money aback from Quibi to aftermath agreeable for the platform, the New York Times’ Dealbook said.
Co-founders Katzenberg and Whitman additionally alone invested in the company, as did Mexican billionaire and business magnate Carlos Slim and above Dreamworks Animation Chairwoman Mellody Hobson, who additionally served on Quibi’s board.
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