Cheddar Raises $22 Million From Raine Ventures, Liberty Global
The company has now raised a total of $54 million and is valued at $160 million.
Business news startup Cheddar has raised a new round of $22 million, led by Raine Ventures, to fuel international expansion plans.
The round — which also included participation from new investors Liberty Global, Goldman Sachs, Antenna Group, 7 Global Capital, Dentsu Ventures and Intercontinental Exchange's Kelly Loeffler and Jeff Sprecher — comes as Cheddar plans to establish a second live news network and to launch on Snapchat's Discover platform.
Launched in April 2017 as a business news network for millennials, Cheddar primarily broadcasts from the floor of the New York Stock Exchange to multiple distribution channels, including Sling TV, Amazon, Twitter and Facebook.
In announcing the funding, Cheddar CEO Jon Steinberg told The Wall Street Journal that the latest investment brings the nearly profitable company's valuation to $160 million. He also disclosed that the 130-person company is expecting at least $18 million in revenue this year.
"In the past year, we at Raine have only deepened our conviction around the rise of brand-first new media companies," said Raine Ventures managing partner Godon Rubenstein, who sits on the Cheddar board. "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."
Cheddar boasts that it reaches 10 percent of U.S. millennials and that 58 percent of its audience has a net worth of more than $250,000. The company will launch Cheddar Big News, a general news network focused on non-partisan national news, next month.
"We are strengthening our already robust balance sheet with capital that we can use to bring our 'post-cable networks' to Europe and beyond," said Steinberg. "We own all of our IP and now is the time to monetize this asset globally."
All told, Cheddar has raised $34 million from investors including Lightspeed Venture Partners, Comcast Ventures, NYSE, AT&T, Ribbit Capital, Amazon and Altice.