Internet media startup backers include Raine Ventures and Redpoint Ventures
Tastemade, startup aiming to be a global Internet version of the Food Network on YouTube and other platforms, announced $10 million in Series B funding led by Raine Ventures to expand original programming and invest in its mobile user-generated video app.
Funding round also includes previous investor Redpoint Ventures, which ponied up $5.3 million for Tastemade’s Series A round in mid-2012.
Since launching in August 2012, Tastemade aud has grown to more than 12 million unique visitors in 200 countries with content distributed via YouTube, AOL, Yahoo, Roku, and the recently launched Tastemade app for iOS devices. Original content includes recipes, cooking and travel shows.
The 18-employee startup, based in Santa Monica, Calif., was formed by three of the co-founders of digital media firm Demand Media — Larry Fitzgibbon, Joe Perez and Steven Kydd.
Tastemade has more than 100 channels as part of its multichannel network, with new eps published almost daily. Company receiving funding through YouTube’s original channels initiative; Tastemade’s exclusivity on YouTube rolled off earlier this year.
“YouTube’s a great partner,” Kydd said. “They’ve publicly stated they want people to be successful and build businesses not only on YouTube.”
Tastemade’s mobile app for iOS, released earlier this month, lets users create their own one-minute episodes and upload them for others to watch. Those clips can also be embedded into blogs and are curated YouTube channel.
“We’re focused on building a large audience of creators,” Kydd said. “Very few media companies are focused on content creation native to digital platforms, and very few technology companies are focused on content creation.”
With the new round of funding, Tastemade will invest more in its technology platform with hires in product development and engineering.
Kydd declined to disclose financials of the company but claimed Tastemade did not need to raise the additional funding.
Funding from Raine Ventures is the first investment from the new venture arm of investment firm The Raine Group. “Tastemade is defining what it means to be a modern media company by leveraging its three core components: a proprietary technology platform, original programming and a diverse network of creators, to provide compelling video content with dramatic efficiencies,” Raine Ventures managing partner Gordon Rubenstein said in a prepared statement.
Watch Tastemade’s sizzle reel: