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Streaming Service Quibi Seeks Up to $1 Billion in New Funding

Quibi, the mobile video streaming service headed by Hollywood and tech veterans Jeffrey Katzenberg and Meg Whitman, made headlines last year when it announced $1 billion in funding before it even launched a product. Now, with the service’s launch still many months away, Quibi is gearing up to raise even more.

The company is currently planning to raise up to an additional $1 billion to help fund the streaming service, according to four people familiar with the matter. Mr. Katzenberg has said he expects the service to launch next year. Quibi, in its initial financing, raised money from a variety of investors including film studios such as Warner Bros, tech companies like Alibaba and Silicon Valley firms including Madrone Capital Partners.