Summary:
Mubi received $100 million investment from Sequoia Capital, sparking backlash due to Sequoia's ties to an Israeli defence startup
Film Workers for Palestine and others have called for a boycott, with some subscribers canceling their memberships
Mubi defends the partnership, stating it supports their mission to bring visionary films to global audiences
The company emphasizes that investors' personal opinions do not reflect Mubi's views
Despite the controversy, Mubi continues its film acquisitions and successes, including an Oscar nomination for The Substance
Mubi, a renowned film distributor, has recently found itself at the center of a heated debate following its decision to accept a $100 million investment from Sequoia Capital. This move has sparked outrage among some segments of its audience, particularly due to Sequoia's investments in Kela, an Israeli defence-tech startup founded in response to the Hamas attacks of October 7, 2023. Kela is known for developing a battlefield operating system that integrates AI and commercial technology.
The Backlash
The investment has led to calls for a boycott of Mubi, with some subscribers canceling their memberships. Film Workers for Palestine expressed their dismay, labeling the decision as "unacceptable" and demanding the return of the investment. The controversy reflects the polarized views surrounding the Israel-Gaza conflict within cultural and creative communities.
Mubi's Response
In a statement shared on their Instagram account, Mubi clarified its position:
- The partnership with Sequoia aims to accelerate Mubi's mission of bringing bold and visionary films to a global audience.
- Sequoia's 50-plus year history of supporting innovative businesses was a key factor in the decision.
- Mubi emphasized that the personal opinions of individual investors do not reflect the company's views.
- The company remains committed to being an independent, founder-led entity, taking community feedback seriously.
Mubi's Recent Ventures
Despite the controversy, Mubi has been active in the film industry, notably spending $24 million on Die My Love at Cannes and achieving box office success with The Substance, which earned Demi Moore an Oscar nomination.
This situation highlights the complex interplay between business decisions, investor relations, and social responsibility in the entertainment industry.
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