US-based commercial video programming platform Cheddar has raised $19m in a financing round led by led by Raine Ventures, a subsidiary of merchant bank Raine Group, that included a range of corporate investors.
Telecommunications firm AT&T, e-commerce group Amazon, broadcaster Altice USA, exchange operator New York Stock Exchange, entertainment producer Broadway Video and mass media group Comcast all took part in the round.
The corporates were joined by Lightspeed Venture Partners and Ribbit Capital, and Broadway and Comcast invested through their Broadway Video Ventures and Comcast Ventures units respectively.
Cheddar has created a video network that broadcasts live from the floor of the New York Stock Exchange, making corporate-sponsored programming focused on business, finance, technology and innovation. The videos are distributed on a range of online and mobile platforms.
Jon Steinberg, Cheddar’s founder and CEO, said: “As the centre of global capital markets, the New York Stock Exchange helps us deliver newsmakers and has been a key collaborator from day one. AT&T brings the world’s leading expertise in national distribution, technology and programming.
“Altice USA is a hungry disruptor in the technology, content and telecommunications space with scale and entrepreneurial hustle that will help us innovate and grow in the vital northeast region and internationally.
“We are going to collaborate creatively with Broadway Video Ventures. Media is a business of collaboration and partnerships. We are privileged to bring these varied and quality folks into our family.”
Lightspeed had previously led Cheddar’s $3m series A round in January 2016 before returning for a $10m round in September that included Comcast Ventures and Ribbit Capital.