Streaming news channel Cheddar, described as a “CNBC for millennials,” plans to use a just-closed $10 million Series B financing round to launch a full eight-hour day of programming. The news was first reported by the t.
The round was led by returning investor Lightspeed Venture Partners, with participation from Comcast Ventures and Ribbit Capital.
Launched in February by former BuzzFeed president and COO Jon Steinberg (pictured, right, with anchor Kristen Scholar) with $3.1 in Series A funding (also led by Lightspeed), Cheddar is a live and on-demand video news network offering a blend of business, media and cultural news. I debuted with free live streams from Post 10 on the floor of the New York Stock Exchange and the NASDAQ Marketsite, broadcast via Facebook Live and YouTube.
In May, it launched a $6.99/month subscription option, which is currently available on Cheddar.tv and Cheddar.com, dedicated iOS, tvOS, Android and Roku apps, and any device with the Vimeo app.
In addition to its subscriptions, Cheddar also generates revenue via sponsored content from companies such as Fidelity Investments and Soylent.
A former venture capitalist, Steinberg was BuzzFeed’s 15th employee when he joined the company from Google to become its president in July 2010. Two years later, he added COO to his title. He departed in June 2014 to become CEO of The Daily Mail Online, North America.