Quibi, a Los Angeles, CA-based entertainment platform, raised $750m in second funding round.
The round valued the company at $1.75 billion.
The backers were not disclosed. It is know that they were studios, major technology companies, strategic partners and financial investors.
The company intends to use the funds to support the expected launch of its platform on April, 6, 2020.
Founded by Jeffrey Katzenberg and Meg Whitman, Quibi will produce original content (movie quality shows) in 10 minutes or less in a format designed for a mobile-first audience and platform. Members get exclusive content, as well as access to news, trailers, and more.