Last week Cheddar TV, a finance, tech, business and media news network for millennials, announced that it has raised $19 million in its third round of funding. Led by Raine Ventures, investors include AT&T, Amazon, Altice USA, the New York Stock Exchange and Broadway Video, along with Lightspeed Venture Partners, Comcast Ventures and Ribbit Capital. This latest round of funding brings the grand total raised to $32.1 million, says Variety, and the company is currently valued at $85 million.

The brainchild of Jon Steinberg of Buzzfeed fame, Cheddar also announced that Gordon Rubenstein, managing partner for Raine Ventures, will sit on Cheddar’s board of directors, and Eric Harris, currently chief operating officer, will serve as president and chief operating officer. Cheddar’s chief content officer Peter Gorenstein was elected to the board of directors, Melissa Rosenthal was promoted to executive vice president, and Ross Cooperman will be Cheddar’s first chief technology officer.

“Cheddar has quickly established itself as a transformational, next generation multi-media company and we are excited to partner with Jon Steinberg and this talented team to catalyze their next stage of global growth,” said Rubenstein.

Steinberg, founder and CEO of Cheddar, commented on Cheddar’s newest investors.

“”Raine is the leading private media investor. Amazon is one of the best in premium streaming video content. As the center 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’re privileged to bring these varied and quality folks into our family,” said Jon Steinberg, Founder and CEO of Cheddar.

Cheddar launched in early 2016 as a video news network with live and on-demand broadcasts from the floor of the New York Stock Exchange and other sites including the White House lawn. It hopes to start broadcasting from Los Angeles in the third quarter of 2017.  

Cheddar transitioned from free to a subscription model last May. At that time, it was priced at $6.99 per month, but Cheddar Premium is now $2.99 a month or $29.99 a year with the first month free.

Cheddar says it now reaches more than a million viewers every day on Twitter, Sling TV, Amazon, Cheddar apps, five operated HD broadcast stations, Pluto TV, Vimeo and Facebook, and the average live millennial viewer watches 8.4 hours of live Cheddar programming in the past month. In addition to its investor funding and subscription revenue, Cheddar offers native marketing and sponsored shows.

One of Cheddar’s strengths is its Morning Bell broadcast, hosted by Kristen Scholer and Steinberg, a fast-paced, highly visual update on the day’s news, including everything from the bombing at an Ariana Grande concert in the U.K. and stock prices to video game news updates and an interview with Uber’s chief legal officer.

Insider Take:

We have enjoyed watching Cheddar evolve as it went from a free on-demand and live streaming product to a subscription model with more than a million daily viewers. Steinberg and his team know their audience well and have adapted their product to appeal to that audience. They’ve earned the faith – and financial backing – of big name investors, so the future for Cheddar looks bright. We are eager to watch them grow.