Lifestyle Digital Network Tastemade Raises $40 Million From Goldman Sachs
The company, which develops videos focused on food, travel and lifestyle, reaches more than 100 million monthly active users.
Digital media startup Tastemade has raised $40 million in financing as it has expanded its reach to new online platforms.
The round was led by investment bank Goldman Sachs with participation from existing investors including Redpoint Ventures, Raine Ventures, Comcast Ventures, Liberty Media, Scripps Networks Interactive and Tohokushinsha Film Corp.
The Santa Monica-based company — which creates digital video in the food, travel and lifestyle categories — has expanded onto multiple new platforms including an Apple TV app, Snapchat Discover channel and Facebook. What began as a company primarily focused on creating videos for YouTube now reaches more than 100 million monthly active viewers and has over 1 billion monthly views across these platforms.
"This new funding enables us to accelerate our goal to be the world's leading video publisher in the food, travel and lifestyle categories," says Tastemade co-founder Larry Fitzgibbon. "Millennial audiences are mobile-first consumers, and Tastemade was specifically created to address this shift in global media consumption."
Adds Goldman Sachs' Mark Midle, who has joined the Tastemade board: "As video and mobile take center stage in the media business, Tastemade is incredibly well positioned to take full advantage of this global opportunity."