Tastemade Raises $25 Million from Scripps, Liberty Media
The media giant behind the Food Network also wants a slice of the biggest food network in online video.
Tastemade, a digital food network that spans YouTube, mobile, and multiple digital syndication outlets, has closed a $25 million Series C round led by Scripps Networks Interactive. The investment will go toward the company’s continued development of its community and mobile app platform, which allows anyone to quickly create and share food videos and shows.
On that front, Tastemade is also on the verge of launching its first Android app. But as with the company’s iOS version, Tastemade’s app goes beyond your everyday video-sharing app: It features a pre-set format that allows users to watch, shoot, upload, and share videos that are short, but feel episodic. Arriving later this month, the app will first roll-out on Samsung devices before expanding to other Android phones.
Another area Tastemade plans to increase its own investment in is sponsored content. Some of the new funds will go toward expanding content partnerships with brands, the company said. Tastemade recently debuted a web series called “Local Flight,” which was sponsored by Grey Goose.
Don’t be surprised if Tastemade and Scripps Networks Interactive also collaborate on various multi-platform content and marketing campaigns in the future, either. SNI has two food-centric properties — Food Network and Cooking Channel — that are ripe for synergistic partnerships with Tastemade.
Overall, the Series C round brings Tastemade’s funding total to $40 million. Liberty Media joined Scripps Networks Interactive in the Series C round, as did the network’s existing investors Redpoint Ventures, Raine Ventures, and Comcast Ventures.
The digital network currently claims a monthly audience of over 18 million unique visitors across more than 200 countries and territories. In addition to its YouTube MCN and mobile app, Tastemade content can also be found on sites such as AOL, Hulu, and Yahoo.Tags: Cooking Channel, financing, food, food network, investment, Liberty Media, MCN, Redpoint Ventures, Scripps Networks Interactive, series C, Tastemade, YouTube MCN