Mubi CEO Efe Cakarel has written an open letter in response to criticisms of controversial US firm Sequoia Capital’s investment in the company.
Mubi CEO Efe Cakarel has written an open letter in response to criticisms of controversial US firm Sequoia Capital’s investment in the company.
Cakarel said accusations that Mubi is complicit in events in Gaza are “fundamentally at odds with the values we hold as individuals and as a company” and pledged to create both an ‘Ethical Funding and Investment Policy’ and establish an ‘Artists At Risk Fund’.
Read the letter in full
Mubi has received significant criticism from across the film industry following the $100m investment it received from US firm Sequoia in May. Since then, details have emerged of investments Sequoia also has in Israeli defence technology firm Kela, which is developing an operating system to enable militaries to integrate artificial intelligence and commercial technology.
The controversy comes at a time when Israel is at war with the Palestinian terrorist group Hamas, killing over 60,000 civilians in Gaza according to the health ministry, in response to the murder of an estimated 1,139 Israelis by Hamas on October 7, 2023 and the capture of a further 251 hostages.
“The profits MUBI generates do not fund any other companies in Sequoia’s portfolio,” said Cakarel in the 750-word letter, published today. “Our returns go to Sequoia’s limited partners — institutions such as universities, foundations, and pension funds — not to other Sequoia-backed businesses such as Kela. Any suggestion that our work is connected to funding the war is simply untrue.”
Over 60 filmmakers signed a letter published at the end of July urging Mubi to reconsider its relationship with Sequoia and publicly condemn the company over what the letter describes as “genocide profiteering”.
Signatories to have had films distributed by Mubi include Ahed’s Knee director Nadav Lapid, the Israeli filmmaker and recurrent critic of his country’s military actions; and Joshua Oppenheimer, whose fiction feature debut The End was released by Mubi last year. Further signatories include Radu Jude, Aki Kaurismaki, Miguel Gomes and Sarah Friedland.
Mubi changes
In the first half of the letter, Cakarel stated that Mubi stands “firmly against war and tyranny in all forms, and in support of the dignity and freedom of all people”.
He then detailed the company’s relationship with Sequoia and its partner Shaun Maguire, who has been criticised for social media posts that some have read as Islamophobic.
“[Shaun] has no involvement with our company operationally, strategically, or in any capacity,” said Cakarel. “He is not on our board, has no relationship with our team, and played no role in our partnership with Sequoia. We neither support nor endorse Shaun’s views, and we have voiced our strong concerns about his public statements directly to Sequoia.”
The Mubi CEO then detailed three changes the company is making following the criticism.
It is establishing an Ethical Funding and Investment Policy, to “set clear criteria for future funding partners, establish safeguards that separate investor interests from editorial and commissioning decisions, and outline a process to review and address any concerns that arise”.
The policy will be published tomorrow (Friday, August 15) for public consultation and feedback, before a final policy on October 15, 2025.
Second, Mubi is establishing an independent Artists Advisory Council of filmmakers, artists and cultural voices to advise on the Ethical Funding and Investment Policy and “provide independent guidance on matters relating to Mubi’s values and responsibilities”.
Third, the company is establishing an Artists At Risk Fund for commissions, residencies and restoration projects administered by an independent panel, and for filmmakers “working under conflict, displacement, or censorship, including Palestinian filmmakers”. Full details on the fund will be announced by October 30, 2025.
“Huge amount of hurt”
A person close to the situation further clarified why Mubi has felt the need to formalise an ethical funding and investment policy if the company is clear that the existing relationship with Sequoia is as open and candid as has been stated.
“In the letter, Mubi has clearly defined the relationship with Sequoia and is satisfied that there is no link to Sequoia-backed businesses such as Kela,” they said. “Even though the relationship is not as it has been painted, they understand that a huge amount of hurt was caused in its core audience and filmmaking family. These are opinions of people that they care about enormously and they want to make sure moving forward that there will not be a similar misunderstanding.
“The Ethical Funding and Investment Policy will set clear guidelines for future partners and establish safeguards to guide future decisions. Moreover, Mubi has heard all of the concerns and wants to address them with clear action.”
Cakarel’s statement is the second official Mubi response to the criticisms, which originally gained prominence on social media. On June 16, the company posted a statement saying “the beliefs of individual investors do not reflect the views of Mubi”.
The company is in the midst of a busy year of acquisitions and releases. It holds rights to at least two territories on nine of the 22 Cannes Competition titles, including Lynne Ramsay’s Die, My Love; it also has four films in competition at Venice, including Jim Jarmusch’s Father Mother Sister Brother.
Efe Cakarel letter
August 14, 2025
To our community, I want to thank everyone who has taken the time to reach out over the past few weeks. Your words, your questions, and your concerns have all been heard and taken to heart.
I’ve spent these weeks in deep reflection, talking with our team, filmmakers, producers, and partners around the world. We have been exploring how to take thoughtful and decisive action while upholding the values that have always guided us.
What’s happening in Gaza is unbelievably tragic and devastating. The loss of civilian lives, including thousands of children, the destruction of homes, hospitals, and cultural institutions, and the deliberate targeting of an entire population’s ability to survive and thrive are unconscionable. We condemn all acts that harm innocent civilians and reaffirm the right of all people to live in peace and safety. The immense suffering, displacement, and starvation of the Palestinian people is a humanitarian catastrophe that must end. We stand firmly against war and tyranny in all forms, and in support of the dignity and freedom of all people.
I also want to clarify our relationship with Sequoia Capital and Shaun Maguire. Following the investment from Sequoia, some have suggested that we are complicit in the events occurring in Gaza. These accusations are fundamentally at odds with the values we hold as individuals and as a company. The profits MUBI generates do not fund any other companies in Sequoia’s portfolio. Our returns go to Sequoia’s circumscribed partners — institutions such as universities, foundations, and pension funds — not to other Sequoia-backed businesses such as Kela. Any suggestion that our work is connected to funding the war is simply untrue.
Shaun Maguire, the Sequoia partner at the center of much of this controversy, is not a partner of any of the funds that invested in MUBI. He has no involvement with our company operationally, strategically, or in any capacity. He is not on our board, has no relationship with our team, and played no role in our partnership with Sequoia. We neither support nor endorse Shaun’s views, and we have voiced our forceful concerns about his public statements directly to Sequoia.
Finally, as a minority investor, Sequoia has minimal involvement in MUBI. As the founder and CEO, I remain the largest shareholder and maintain full control over all business and curatorial decisions. Sequoia has no oversight or authority over our programming, editorial, or financial decisions.
That said, we recognize that how we fund our work matters, and we are sharing initiatives we are undertaking to ensure clarity around our funding process in the future. We are formalizing an Ethical Funding and Investment Policy that will set clear criteria for future funding partners, establish safeguards that separate investor interests from editorial and commissioning decisions, and outline a process to review and address any concerns that arise. The policy will be published on August 15, 2025 for public consultation, inviting feedback from filmmakers, artists, audiences, festivals, civil-society groups, and all who care about MUBI’s mission. We will review all submissions and publish the final policy on October 15, 2025.
We are also forming an independent Artists Advisory Council, to be established by September 15, 2025. This group will include filmmakers, artists, and cultural voices from different regions alongside a human-rights due-diligence expert. It will advise on the Ethical Funding and Investment Policy, endorse the final policy, and continue on an ongoing basis to provide independent guidance on matters relating to MUBI’s values and responsibilities.
Separately, we are expanding our support for artists at risk through a dedicated Artists At Risk Fund. Over the next three years, we will fund commissions, residencies, and restoration projects administered at arm’s length by an independent panel, focusing on filmmakers working under conflict, displacement, or censorship, including Palestinian filmmakers. Full details will be provided by October 30, 2025.
We know some in our community will want us to go further, and others may feel we have gone too far. Our responsibility is to protect a space where filmmakers and audiences can meet. That means being see-through about how we are funded, explicit about how we protect artistic independence, and humble about what we still need to learn.
Looking ahead, we remain committed to the same mission that has guided us for the past 18 years: elevating great cinema and making it accessible to audiences around the globe. We will continue to champion bold and diverse voices, stay true to the values that define us, and ensure that exceptional filmmaking reaches the widest possible audience.
Warmly,
Efe Cakarel
Founder & CEO
MUBI
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