Financial News Startup Cheddar Raises $19M in New Funding
Cheddar, who has titled itself as the financial news network for millennials, just raised $19 Million in a third-round of financing led by Raine Ventures, along with strategic investors including AT&T, Amazon, Altice USA, the New York Stock Exchange, and Lorne Michaels’ Broadway Video. The New York-based company has now raised a total of $32.1 million, with a valuation of $85 million.
Cheddar’s existing investors, which include Comcast Ventures, Lightspeed Venture Partners and Ribbit Capital, also participated in the Series C round. Additionally, Gordon Rubenstein, managing partner of Raine Ventures, has joined Cheddar’s board.
Cheddar also announced the hiring of Ross Cooperman, formerly head of engineering at KnowMe Systems, as its first chief technology officer. In addition, COO Eric Harris has added the title of president, and chief content officer Peter Gorenstein has been elected to the company’s board of directors, while Melissa Rosenthal has been promoted to executive VP.
According to CEO and founder Jon Steinberg, Cheddar intends to “collaborate creatively with Broadway Video Ventures” in the future. “Media is a business of collaboration and partnerships. We’re privileged to bring these varied and quality folks into our family,” he explained.
The company, which plans to start broadcasting from Los Angeles in Q3 of 2017, has marketing deals and sponsored shows with clients that include Fidelity Investments, HP, Dunkin’ Donuts, and Ally, and has launched an MBA program with Strayer University.