Cheddar Announces $22M Funding, Will Launch Second News Network
One of the live streaming world's big successes, financial news network Cheddar, has more good news today as it announces $22 million in Series D funding. Raine Ventures led the round, joined by new investors Liberty Global, Goldman Sachs, Antenna Group, 7 Global Capital, Dentsu Ventures, and the family office of Kelly Loeffler and Jeff Sprecher, as well as all existing investors.
Cheddar has big plans for the money, as it will soon launch a second online video network. Called Cheddar Big News, the network will offer non-partisan national news, debuting in April. The company says Cheddar Big News will tell national stories but with the style of a local broadcast. Viewers can expect politics, business, sports, and weather, and won't ever see panels of partisan pundits. Cheddar will also debut a Snapchat Discover channel next month.
The company will also use this investment to grow both at home and abroad. Viewers can currently find its live stream on Sling, Comcast X1, Amazon, Facebook, Spotify, Twitter, Twitch, and the Cheddar site.
Cheddar points out that its content has caught the attention of a younger and more affluent audience. In the two years since it launched, it's now viewed by 10 percent of U.S. millennials and 13 percent of 18- to 24-year-olds, according to a study by Market Strategies International. Also, 58 percent of the audience has a net worth of over $250,000.
"Cheddar has been the poster child for creating distinctive, high-quality original content with its scoops, interviews, live broadcast innovations, distribution deals, and ad products. It is the prototypical Raine company and we are thrilled to support Cheddar in its next phase of growth," says Gordon Rubenstein, managing partner of Raine Ventures and Cheddar Board Member.
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