Mubi's funding backlash reveals a crisis in indie film culture
Indie streamer Mubi raised a staggering $100 million from Sequoia Capital. Then, fans started boycotting.
Mubi built a loyal audience of cinephiles through breakout hits like The Substance and Decision to Leave. But after subscribers examined investor Sequoia Capital's portfolio, many took to X to denounce the streamer. They pointed to Sequoia's ties to Israel's military campaign in Gaza, highlighting its investments in the Israeli defense tech startup Kela. Even after Mubi issued a public statement, its social media remains flooded with Palestinian flags and posts about canceled subscriptions.
Even after Mubi issued a public statement, its social media remains flooded with Palestinian flags and posts about canceled subscriptions. The crisis raises broader questions about the financial forces shaping the indie film world.
Mubi's money crisis
Founded in 2007, Mubi coasted for a decade on a loyal base of cinephiles. Then, the distributor's films began breaking out, most notably with The Substance, the $80-million-grossing body horror starring Demi Moore. Between 2016 and 2025, Mubi jumped from 100,000 to 20 million subscribers. That growth enabled the company to invest in more films. At the 2025 Cannes festival, Mubi was a top buyer, acquiring titles like The Sound of Falling and the Jennifer Lawrence-led Die My Love.
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