Digital veterans raise $2M+ seed round to launch new food media startup
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A group of digital media veterans has raised a roughly $2.5 million seed round to launch a new media brand that targets food business operators, chefs, influencers and restaurant lovers, CEO and co-founder Max Tcheyan, formerly of Puck and The Athletic, told Axios.
Why it matters: The company aims to apply The Athletic's city-based sports model to the world of food, serving both industry insiders and food enthusiasts.
Zoom in: Tcheyan is co-founding the company alongside COO Dan Tsinis, formerly of Roku, Puck and Disney, and editor-in-chief Dana Brown, former deputy editor of Vanity Fair.
- The group has closed a $2 million seed round on a SAFE note with venture investors including Human Ventures, which led the round, Wheelhouse, Powerhouse Capital, Precursor Ventures and 32 Ventures.
- Human Ventures' Joe Marchese will join the company's board alongside Tcheyan and Tsinis.
- The company plans to raise additional funds from a few strategic angel investors.
Of note: The startup's cap table consists of longtime backers of successful new media startups.
- Brent Montgomery founded and sold Leftfield Entertainment, best known for its hit series "Pawn Stars," before founding Wheelhouse.
- Patrick Keane, another investor, was CEO, board director and an early investor in Action Network, a sports betting media startup, which sold for $240 million in 2021.
- Powerhouse Capital's Ian Doody and Precursor Ventures' Charles Hudson were investors in The Athletic, which sold to The New York Times for $550 million in 2022.
Zoom in: The new company, which has not yet disclosed its name, will focus on producing personality-driven content across an array of channels, including newsletters, podcasts, events and video, per Tcheyan.
- It aims to launch in early 2026 with a focus on major food scenes across U.S. cities before expanding internationally.
- "We'll go beyond the plate, pulling back the curtain on the power players, personalities, brands, restaurants, deals, and trends driving the culture and business of food," Tcheyan said.
The big picture: Most digital media startups follow a similar business playbook, investing in high-profile content creators and giving them a cut of the company's revenue or equity to incentivize them to stay with the brand, instead of going independent.
- This startup is no different. "We're continuing to use a version of that and actually evolve it a little bit more," Tcheyan said.
- The company plans to compensate content creators with a base salary, a bonus linked to subscription-driven products and company goals, and equity in the company.
