Live Streaming Games and Entertainment Network VENN today announced the completion of a Series A financing round valued at $ 26 million (~ £ 19.94 million).
The round was jointly chaired by the Seed Round Investor BITKRAFT and the new investor Nexstar Media Group, Inc . Eldridge WISE Ventures Alumni Ventures Group Josh Kroenke (Vice Chairman of Kroenke Sports & Entertainment) and the majority of the existing investor group with serial seed also participated part.
As part of its investment, Nexstar secured exclusivity of content and sales for local television broadcast and the right to serve on VENN's Board of Directors called. Ben Kusin Co-Founder and Co-CEO of VENN, commented on the investment: “With this new round of funding, VENN is positioned for the next phase of growth as we plan to continue expanding our content creation capabilities and continue to improve the Spreading our "instant, anywhere" experience.
“We are proud to welcome Nexstar as an important strategic investor and exclusive local television partner, as we use the national reach of their 197 television channels, associated digital multicast signals and expansive digital real estate with over 100 million MAU and 1B monthly Pageviews in the USA. "
The streaming network has also revealed the addition of Jeff Jacobs to its leadership team as Executive Vice President and General Manager. According to a press release, the former production director of MTV Music and Entertainment Group will oversee the content and operations of VENN, as well as oversee the company's growth and expansion.
“VENN is run by a team with extensive experience in gaming and cable television. Jeff is the youngest talented leader to join our group and he has brought incredible value in such a short amount of time, ”added Kusin. "He will play an important role in continuing the growth plan and content of our network."
Commenting on Nexstar's investment Thomas E. Carter, President, COO and CFO of Nexstar Media Group: “VENN is a new type of TV network for the streaming and digital generation, developing cutting-edge content for the millennial and Gen Z cultures obsessed with games. Gaming and esports are two fast growing sectors. Through our investment, we plan to distribute VENN content on our broadcast platform to appeal to a younger audience. “
VENN also recently acquired The Roku Channel, a TV-based streaming channel. The company has 40 million active accounts and built-in features for a third of the smart TVs sold, allowing VENN to reach a larger streaming audience .
Esports Insider Says: Although the streaming and content arena in games and esports is slowly becoming a crowded area, VENN is merging today's live streaming and gaming culture with a more traditional TV model that has regular shows and unique Content offers. It will be interesting to see what VENN can offer consumers with such high investments. Time will tell whether venn.tv can become a point of contact for game and esport fans.