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. 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. Cheddar, which has about 130 employees, isn’t planning to grow its headcount drastically over the next year, Mr. Steinberg said. In December, Cheddar had operating expenses of $1.5 million and was nearly profitable, Mr. Steinberg said.

Source: Wall Street Journal March 19, 2018 19:22 UTC