Cheddar plans for global expansion after raising $22 million in series D funding led by existing investor Raine Ventures.
This latest round of funding, which gives the company a valuation of $160 million, will be used to launch a second live news network focused on general news, as well as fuel international expansion.
With the new funding, the company plans to launch Cheddar Big News, which it says will consist of “non-partisan, national news with the style and sentiment of local news.” The network is expected to launch next month.
Additionally, CEO and founder Jon Steinberg plans to use the funding to fuel the company’s growth in international territories.
“We are strengthening our already robust balance sheet with capital that we can use to bring our post-cable networks to Europe and beyond. We own all of our IP and now is the time to monetize this asset globally,” the CEO said in a statement announcing the funding.
Other investors who participated in the round included John Malone’s Liberty Global, Goldman Sachs, Antenna Group, 7 Global Capital, Dentsu Ventures, the family office of Kelly Loeffler and Jeff Sprecher, AT&T, Amazon, Altice USA, the New York Stock Exchange, Lorne Michaels’ Broadway Video, Comcast Ventures, Lightspeed Venture Partners and Ribbit Capital.