Media: Biz News Service Cheddar Starts Stacking It

-WSJ

Cheddar, the financial news streaming service aimed at millennials, is preparing to expand internationally and launch a channel on Snapchat Discover after securing a new investment round.

Roughly two years after its launch as a self-described “post-cable network,” Cheddar has raised $22 million, according to founder and Chief Executive Jon Steinberg.

The funding round, the company’s fourth, was led by Raine Ventures, an early-stage media-and-technology investment firm. Other investors include Liberty Global , LBTYA -0.31% Goldman Sachs, Antenna Group, 7 Global Capital, Dentsu Ventures, New York Stock Exchange owner Jeffrey Sprecher and Kelly Loeffler, chief communications and marketing officer of Intercontinental Exchange. Previously, Cheddar raised $32 million in three rounds led by Lightspeed Venture Partners and Raine Ventures.

The company is now valued at $160 million, up from $85 million after the last fundraising round, Mr. Steinberg said.

Mr. Steinberg, the former president of BuzzFeed, has pitched Cheddar as a disrupter of cable news networks aimed at millennials who are cutting the cord and turning away from traditional news. About 95 percent of the company’s revenue comes from advertising, Mr. Steinberg said, mostly native ad sponsorships from big-ticket advertisers like Fidelity and E-Trade that start at $125,000 per month