Comcast Invests in Digital Finance-News Startup Cheddar, Which Banks $10 Million in Funding

Courtesy of Cheddar

Cheddar, the digital financial-news network aiming at youth audiences founded by ex-BuzzFeed exec Jon Steinberg, has raised $10 million in funding led by previous investor Lightspeed Venture Partners, with participation from new investors Comcast Ventures and Ribbit Capital.

New York-based Cheddar, which launched its $6.99-per-month subscription service in May, previously raised $3.1 million from Lightspeed in January.

“We’ll use this capital to become a full-fledged live, linear cable network — except not on cable, but rather leading social and OTT services,” said Steinberg, Cheddar’s CEO. He added that Comcast Ventures “brings deep expertise in distribution to Cheddar,” while Ribbit Capital is a leading investor in financial tech.

Cheddar’s executive team includes chief content officer Peter Gorenstein, previously a senior executive producer for Yahoo video; COO Eric Harris, formerly BuzzFeed chief business operations officer; and Melissa Rosenthal, senior VP of creative development and partnerships (previously BuzzFeed VP of creative services).

“Cheddar is bringing rapid innovation to the linear video market. In an incredibly short period of time, their lean team of 30 has built an exceptional guest booking, technology and talent operation,” Sam Landman, managing director of Comcast Ventures, said in a statement. “Their focus on content at the intersection of technology, culture and business is clearly resonating with millennial viewers and distribution partners.”

Cheddar broadcasts daily from the trading floor of the New York Stock Exchange, Nasdaq Marketsite and the Sprint store in the Flatiron Building. Guests who have appeared on Cheddar’s show include CBS CEO Leslie Moonves, Zillow CEO Spencer Rascoff and Sprint chief Marcelo Claure.