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A Quibi investor says the startup should have tried to 'fight more' but that he'll be happy if he can get 50% of his investment back

A Quibi investor says the startup should have tried to 'fight more' but that he'll be happy if he can get 50% of his investment back

Quibi founder Jeffrey Katzenberg speaks during a Quibi keynote address at the 2020 CES in Las Vegas
Reuters




Jeffrey Katzenberg's $1.75-billion-backed mobile-video startup is shutting down, six months after its subscription service went live.




Anis Uzzaman, whose firm Pegasus Tech Ventures is an investor in Quibi, said he wishes Quibi would've stuck it out for longer: "I would've wanted them fight more rather than giving up so quickly."




Quibi has said it will return $350 million in capital to shareholders, or about 20% of the funding it raised, but that it's also trying to sell its content and tech in the hopes of giving back more.




Uzzaman, for his part, said he'd be happy to get 50% of his investment back.




Visit Business Insider's homepage for more stories.


Jeffrey Katzenberg's $1.75-billion-backed mobile-video startup Quibi shut down as spectacularly as it started.The startup splashed onto the media scene in 2017 when Katzenberg, well known in Hollywood circles, began peddling his concept of a video platform made for mobile phones and featuring content with chapters under 10 minutes long.Quibi secured funding from seasoned investors including Alibaba Group, JPMorgan Chase, and the Walt Disney Company; hired former HP Enterprise chief Meg Whitman as CEO; and landed $150 million in upfront commitments from advertisers including PepsiCo and Walmart.But on Wednesday, six months after its subscription platform went live, Quibi told investors it was calling it quits. It said it would return $350 million of its remaining capital to shareholders, or about 20% of the funding raised.
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