LOS ANGELES, Oct. 20, 2020 /PRNewswire/ -- VENN
(www.venn.tv), the live 24/7 streaming network for gaming and
entertainment, announced today the close of a $26 million Series A financing. The round was
co-led by Seed round investor BITKRAFT and new investor
Nexstar Media Group, Inc. (Nasdaq: NXST). Eldridge, WISE Ventures,
Alumni Ventures Group, Josh Kroenke
(Vice Chair of Kroenke Sports & Entertainment), and the
majority of the existing Series Seed investor group also
participated in the round. Under the terms of its investment,
Nexstar secured content and sales category exclusivity for local
television broadcasting and has the right to appoint a member to
VENN's Board of Directors.
"With this new funding round, VENN is positioned for its next
phase of growth as we plan to further expand our content creation
capabilities and continue to enhance the distribution of our
'instant and everywhere' viewing experience," said Ben Kusin, VENN's co-founder and co-CEO. "We're
proud to welcome Nexstar as an important strategic investor and
exclusive local television partner as we leverage the national
reach of their 197 television stations, related digital multicast
signals, and expansive digital properties with over 100M MAU and 1B
monthly page views in the United
States."
Nexstar Media Group President, Chief Operating Officer and Chief
Financial Officer, Thomas E. Carter
commented, "VENN is a new kind of TV network built for the
streaming and digital generation, and it's developing leading-edge
content for the millennial and Gen Z cultures who are obsessed with
gaming. Gaming and esports are two fast growing sectors and
through our investment we plan to distribute VENN content across
our broadcast platform to address a younger audience; utilize VENN
to gain early access to gaming-adjacent content; and present local
and national brands with broadcast and digital marketing and
advertising opportunities to reach younger audiences."
In addition to the Series A, VENN is bolstering its leadership
team with the addition of Jeff
Jacobs as EVP & General Manager. Jacobs joins VENN from
Viacom's MTV and MTV Music and Entertainment Group, where he served
as Executive in Charge of Production at MTV. Later, he became SVP
Production Planning, Strategies and Operations for Viacom Media
Networks' Music and Entertainment Group's linear and digital
channels. Jacobs will concentrate on VENN's growth and expansion
while overseeing content and business operations. Most recently,
Jacobs had been running a third-party production company which he
co-founded and whose clients included Viacom, the NBA, Global
Citizen and ACE Universe. That company was recently sold to
EY-tech. Jacobs also ran production, digital and operations at NBC
Sports and Olympics prior to joining Viacom.
"VENN is led by a team with deep experience in gaming and cable
television. Jeff's the latest talented leader to join our group,
and he's brought incredible value already in such a short period of
time. He will play a significant role in the continuation of our
network's growth plan and content," added Kusin. "Our premium
programming, unparalleled production expertise, technology, studio
build, and intimate market knowledge strongly positions VENN as a
major player in gaming's total addressable market."
The series A close and leadership team expansion arrives as VENN
is rapidly expanding its distribution network, led by the recent
addition of its largest US distributor to date, The Roku Channel.
With 40 million active accounts and built-in capabilities in
roughly one third of all smart TVs sold, The Roku Channel enables
VENN to reach a broader streaming audience.
This comes as VENN has quickly expanded its distribution to
Plex's 15 million users and LG's 45 million households (powered by
Xumo), in addition to Samsung TV Plus and VIZIO, further cementing
the reach of the network's content across various top level
streaming platforms.
The universal distribution and ability to speak to the
hard-to-reach gamer generation is also making VENN attractive to
Madison Avenue and major global marketers. Subway, Draft
Kings, Alienware, Adidas and American Eagle are among the brands
who have entered into integration deals with VENN, with additional
global brand partnerships to be announced.
Co-CEO and Co-Founder Ariel Horn
added, "We are proud of our extraordinary team, who in the middle
of a pandemic successfully launched VENN Beta and helped the
network quickly reach this significant level of distribution. It's
been gratifying to see our guests having a blast talking, playing
games and sharing communal moments with our viewers. We believe our
new partnerships will dramatically expand our footprint going
forward and bring VENN to the next level heading into 2021."
About VENN
VENN is a live 24/7 network for gaming,
streaming, esports and entertainment audiences. Launched in
August 2020 and broadcasting live
from Vista Studios in Los Angeles,
VENN is universally distributed across a broad range of media
platforms, creating a frictionless "watch everywhere, instantly"
viewing experience for the digital generations. VENN offers
original programming produced in-house and in partnership with some
of the biggest names and creators across the gaming, pop culture
and lifestyle spaces. More programming, content and distribution
deals will be unveiled over the coming months. For additional
information, visit www.venn.tv.
DKC for VENN: venn@dkcnews.com
The Story Mob for VENN: venn@thestorymob.com
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SOURCE VENN