Helix blog

Why Quibi raised $1.75 billion and died in six months.

In August 2018, a company called NewTV started raising money. By the time it launched as Quibi in April 2020, it had taken in 1.75 billion dollars. Disney was on the cap table. So were NBCUniversal, WarnerMedia, Sony, Alibaba, and Goldman Sachs. The founder was Jeffrey Katzenberg, who built DreamWorks Animation. The CEO was Meg Whitman, who had run eBay and then Hewlett-Packard. Six months later, it was over. The shutdown was announced on October 21, 2020. By December 1, the service was dark. A