- The web video startup Cheddar has raised another $US22 million, bringing its valuation to $US160 million.
- The two-year-old ‘post cable’ network is planning to expand internationally while adding a second network in the US.
Cheddar, the self-described “post cable” financial news startup sometimes called “CNBC for millennials,” has just raised $US22 million, bringing its valuation to $US160 million, according to the Wall Street Journal.
It’s been a wild ride for Cheddar, which was launched roughly two years ago by former BuzzFeed president and Daily Mail North America CEO Jon Steinberg.
The company started off by producing two hours of live, talking heads-style content from the floor of the New York Stock Exchange right around the time that Facebook Live was seen as the next big platform.
Soon after that debut Cheddar said it planned to start charging its young audience for exclusive access to its content for $US6.99 a month.
But more recently, Cheddar has been inking a string of distribution deals, with partners ranging from Twitter to Twitch to fledgling streaming services such as Haystack TV. Cheddar’s videos are now free and ad-supported.
With the new cash infusion, Cheddar plans to expand internationally, launch a second network (Cheddar Big News) and roll out content on Snapchat Discover, Steinberg told the Journal.
The new funding round was led by Raine Ventures and included Liberty Global, Goldman Sachs and Dentsu Ventures, among others. Cheddar has now raised $US52 million to date.