VENN Secures $26M Series A Financing Round

The Video Game Entertainment and News Network (VENN) raised a $26M USD Series A investment round co-led by BITKRAFT Ventures and Nexstar Media Group. Further investors that participated in the investment include Eldridge, Minnesota Røkkr parent WISE Ventures, Alumni Ventures Group, and the majority of the company’s existing seed investors.

As part of the investment deal, Nexstar secured the right to appoint a member to VENN’s board of directors and exclusive rights to broadcast VENN for local TV. Bringing on Nexstar, which is one of the largest U.S. broadcast companies running 197 television stations, will enable the network, which started out in streaming on platforms such as Twitch, YouTube, Facebook, and Twitter, to move some of its shows to linear TV. 

The company also announced that it has appointed Viacom and NBC Sports veteran Jeff Jacobs as its new executive vice president and general manager who will oversee VENN’s growth and expansion via its content and business operations. 

VENN previously raised a $17M seed financing when it launched in September 2019

Source: Read Full Article