Cheddar just raked in some serious cheddar. The subscription video startup, which offers finance news to a young target audience, has announced $10 million in new funding led by Lightspeed Venture Partners.
Since launching earlier this year, Cheddar has looked to fill a gap in business reporting. While its content may resemble CNBC or Bloomberg, its style and tone are decidedly hip and young, as are its distribution methods. Rather than sharing its news through a cable TV package, Cheddar is streaming its stock market coverage on Facebook Live and linking up with over-the-top platforms like Apple TV and Roku.
With its new influx of capital, Cheddar hopes to continue its mission by increasing the amount of programming it puts out and expanding into new locations. Specifically, it plans to cover the startup industry and entertainment news through a new studio in the Los Angeles area, which will join an existing space in New York.
Cheddar’s founder, Jon Steinberg, is the right person to sell hip and cool business coverage to millennials. Among other previous roles, he served as the President and COO of BuzzFeed. “We’ll use this capital to become a full-fledged live, linear cable network — except not on cable, but rather leading social and OTT services,” said Steinberg in a statement.
Other investors participating in Cheddar’s new funding round include Comcast Ventures and Ribbit Capital. The startup previously raised $3.1 million.
To check out much of the content Cheddar already has up and running, you’ll need to pay for a $6.99/month subscription. A brief trailer for the service is available on the Cheddar website.