Venn, the US-based operator of an online streaming network, completed a $26m series A round on Tuesday that was co-led by mass media company Nexstar Media Group.
Venture capital firm Bitkraft co-led the round, which included Eldridge, Wise Ventures, Alumni Ventures Group, angel investor Josh Kroenke and what the company said was the majority of its seed-stage investors.
Founded in 2019, Venn runs an online television network focusing on gaming, esports and other livestreamed entertainment. It launched the 24/7 channel in August this year and is currently concentrating on growing its network of distributors.
Nexstar’s investment was made in connection with a deal that gives it exclusive content and sales rights for the company’s programming across local TV broadcasting.
Bitkraft’s Esports Ventures fund led a $17m seed round featuring esports holding company Axiomatic and Bertelsmann Digital Media Investments, a subsidiary of media group Bertelsmann, that was disclosed when the startup emerged from stealth in September 2019.
The seed round also included Lifeline Financial Group, Reimagined Ventures, Marc Merrill, Mike Morhaime, Amy Morhaime, Kevin Lin and YuChiang Cheng.
Ben Kusin, co-founder and co-CEO of Venn, said: “With this new funding round, Venn is positioned for its next phase of growth as we plan to further expand our content creation capabilities and continue to enhance the distribution of our ‘instant and everywhere’ viewing experience.
“We are proud to welcome Nexstar as an important strategic investor and exclusive local television partner as we leverage the national reach of their 197 television stations, related digital multicast signals and expansive digital properties with over 100 million [monthly active users] and 1 billion monthly page views in the United States.”
