Cheddar raises $22 million at $140 million valuation
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Cheddar, an online video network for business and tech news, has raised $22 million in new funding at what Axios is told is a $140 million pre-money valuation. It previously raised last May at a $64 million pre-money valuation.
Why it matters: Cheddar claims that 20% of Americans between 18 and 24 is aware of its brand — with 13% of that cohort having viewed Cheddar content — in an age when traditional news broadcasters are struggling to connect with younger viewers.
Existing investor Raine Ventures led the round, and was joined by Liberty Global, Goldman Sachs, Antenna Group, 7 Global Capital, and Dentsu Ventures. Other participating insiders included Lightspeed Venture Partners, Comcast Ventures, AT&T, The New York Stock Exchange, Ribbit Capital, Amazon and Altice USA.
The inclusion of firms like Japan-based Dentsu could be important to the New York-based company's international expansion plans.