MUBI unveils governance reforms amid Sequoia ties

MUBI founder and chief executive Efe Cakarel has issued an open letter to the filmmaking community in response to mounting criticism over the company’s connection to Sequoia Capital, a major investor with ties to Israeli defense technology firm Kela. In the letter, Cakarel reiterates that MUBI’s profits do not flow to Sequoia portfolio companies, condemns the violence in Gaza, and announces a package of governance reforms designed to bolster transparency and artistic independence.

Cakarel begins by acknowledging the concerns voiced by filmmakers, audiences, and industry colleagues and emphasizes that MUBI’s values remain the guiding compass for the platform. He states clearly that the profits generated by MUBI do not fund other companies in Sequoia’s portfolio and that returns go to Sequoia’s limited-partner institutions, such as universities, foundations, and pension funds—not to other Sequoia-backed businesses like Kela. He also stresses that Shaun Maguire, the Sequoia partner at the center of controversy, is not a partner of any funds that invested in MUBI and plays no operational, strategic, or board role in the company. “We neither support nor endorse Shauns views, and we...