Just five months in, subscription-based streaming news network Cheddar has raised $10 million in its second round of funding, says the Hollywood Reporter. This follows an initial round of funding of $3.1 million earlier this year. Cheddar, which is owned by Jon Steinberg, former president of BuzzFeed and CEO of Daily Mail US, will use the money to expand its live programming.

Cheddar launched this spring, targeting millennials with a fresh perspective on today’s business, financial, technology and lifestyle news. Using Facebook Live, Cheddar broadcasts financial and technology news daily from the floor of the New York Stock Exchange. It also opened a street-level studio in New York to expand its coverage to include lifestyle reporting. Cheddar broadcasts are also carried on Vimeo for $6.99 a month, and it posts free streams – with native advertising – on Facebook.

“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,” Steinberg said Tuesday in a statement. “Comcast Ventures brings deep expertise in distribution on Cheddar. Ribbit is the country’s leading investor in fintech – this expertise will be essential as we continue to expand our business news programming. Finally, Lightspeed’s support and guidance since Cheddar was just an idea in my head has been unparalleled.”

If you haven’t seen Cheddar yet, imagine what a marriage between Bloomberg TV and Entertainment Tonight might look like. It has the professionalism and up-to-date news Bloomberg is known for, but it is upbeat and a bit flashy with Cheddar anchor Kristen Scholer and co-host Steinberg interviewing CEOs from companies like Stocktwits, HootSuite and T-Mobile. Oh, and you’ll see cat videos, babies with animals and discussions about TMI on daytime TV. Serious and fun at the same time.

What’s next for Cheddar? The Hollywood Reporter said the company is considering expansion into Los Angeles to cover startups and entertainment news. Jeremy Liew of Lightspeed Venture Partners, a Cheddar investor, says he thinks Cheddar will be ripe for an acquisition by a streaming service like Netflix or Hulu who will want to round out their offerings with live TV.

Insider Take:

We don’t often make predictions, because the media industry can be fickle, but we think Cheddar is on the fast track to success. After only five months of being on the air, the company has raised $13.1 million which signifies the faith Cheddar investors have in Steinberg’s vision and his ability to pull it off. The company quickly moved from a free service to a subscription-based service which shows that it knows how to test, build a targeted audience and produce a product that people – millennials, in particular – are willing to pay for.