Quibi (2020)
Quibi raised $1.75 billion to bring short-form video to phones, launched in April 2020, and shut down by December 2020. The streaming startup sold its assets for a fraction of what it raised.
Quibi's founders returned money to investors and the app shut down within eight months of launch.
The collapse became a cautionary tale about hype-driven consumer tech funding.
Like Character.ai, Quibi was a heavily funded consumer tech startup that collapsed quickly when its product failed to sustain demand.
