Jeffrey Katzenberg's WndrCo raises more than $460 million

Hollywood veteran Jeffrey Katzenberg is turning his attention more to technology, with his WndrCo investment firm saying it has raised more than $460 million for venture capital funds focused on the industry.

The funds will support companies focused on internet security, the future of work and consumer software, according to Tuesday rack.

“We believe the next decade, powered by the transformative power of AI, will be a remarkable period for entrepreneurship,” Katzenberg and its founder Sujay Jaswa, a former Dropbox executive, said in the statement. “This technology represents the most significant revolution since the mid-2000s, following the rise of cloud computing, social media and smartphones.”

Redwood City-based WndrCo already counts password security company 1Password, financial services firm Robinhood and app building platform Airtable among its investments. Katzenberg and Jaswa founded WndrCo in 2016.

While Katzenberg is best known for his long tenure in the entertainment industry, including serving as chairman of Walt Disney Studios and CEO of Dreamworks Animation, he has become increasingly involved in technology investments.

Most recently, Katzenberg and chief executive Meg Whitman launched Quibi, a failed short-form streaming video app intended to compete in the digital video market. Although the company raised $1.75 billion, it struggled to attract enough audiences to its shows and closed in 2020 after less than seven months.

The company, whose name was short for “quick bites,” focused on shows and movies with episodes that lasted ten minutes or less.

Quibi intended to differentiate itself from rivals like TikTok or Instagram with higher production values, but it launched during the pandemic, failed to reach audiences and missed key viewership metrics for advertisers.

The idea of ​​committing Hollywood-level production budgets to short-form videos and charging viewers for them proved flawed as viewers flocked to other sites that offered engaging, user-generated content for free.

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