Distributor Mubi has responded to backlash over its recent source of investment – $100million worth from Sequoia Capital.
It was reported by Puck last month that Mubi had secured the sum from Sequia, a Silicon Valley-based company with investments in a wide range of companies, ranging from Apple to ByteDance and also with close ties to defence-tech startup Kela, founded in 2024 by a group of Israeli intelligence veterans in response to the Hamas attacks of October 7 2023.. The website reports that Kela is currently developing a battlefield operating system enabling military units to integrate AI and commercial tech.
This comes against a polarised discussion in cultural and creative circles pertaining to the Israel-Gaza conflict and some calls online for Mubi to be boycotted. Some customers online say they have cancelled their subscriptions and Film Workers for Palestine said it was “horrified” by Mubi’s decision. “This is unacceptable, and we demand that Mubi return the investment,” it wrote in a much-shared Instagram post.
Now Mubi have responded, sharing this statement on their Instagram account Saturday:
“Since our founding, MUBI has raised money from a number of sources to help us grow. Our decision to work with outside investors has always served one purpose: to accelerate our mission of delivering bold and visionary films to global audiences. This was the rationale behind our recent partnership with the venture firm Sequoia Capital.
“Sequoia has a 50-plus year history of partnering with founders to help turn their ideas into world-changing businesses. Sequoia’s investments span a range of founders, industries, and geographies. We chose to work with Sequoia because the firm, and our Sequoia Partner Andrew Reed, support MUBI’s mission and want to help us scale and bring great cinema to even more people around the world.
“Over the last several days, some members of our community have commented on the decision to work with Sequoia given their investment in Israeli companies and the personal opinions expressed by one of their partners. The beliefs of individual investors do not reflect the views of MUBI.
“We take the feedback from our community very seriously, and are steadfast in remaining an independent founder-led company.”
Mubi previously went on a buying spree at Cannes Film Festival, including spending $24 million on Die My Love, starring Jennifer Lawrence and Robert Pattinson. Its biggest cinematic success so far is The Substance, which made approximately $80million at the box office and brought Demi Moore an Oscar nomination earlier this year.
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