Atmosphere raises $100m for streaming TV platform for businesses
Atmosphere, a US-based streaming TV platform for businesses, has raised $80 million in a Series C funding round led by Sageview Capital.
The company’s existing investors — S3 Ventures and Valor Equity Partners also took part in the financing round, while Bridge Bank provided a $20 million debt facility.
Atmosphere has now raised a total of more than $140 million.
The entertainment company claimed that the new funding comes as it streamed over 250,000 hours per day in total and reaching 20 million plus unique viewers each month.
Leo Resig — co-founder and CEO of Atmosphere said: “Since the invention of the TV, no one has stepped up to create content specifically for an audio-less viewing experience in businesses.
“Our partners at Sageview, Valor and S3 share our passion and vision to take the entire third space by storm. Wherever there is a TV screen, customers, and dwell time, Atmosphere should be streaming in that business. Atmosphere is the perfect solution for businesses who want to elevate their space and advertisers who are looking to get in front of an increasingly unreachable TV audience.”
Atmosphere raises $100m for streaming TV platform for businesses. Photo courtesy of Business Wire.
Presently, Atmosphere’s free ad-supported streaming platform offers short-form, audio-optional programming across 64 channels to more than 18,000 restaurants, gyms, bars, doctor offices, and other venues around the world, including Burger King, Meineke Car Care, and Texas Roadhouse.
Atmosphere said that the proceeds from the Series C round will be used to increase additional distribution scale, while continuing to boost and build its operations across content, marketing, as well as ad sales.
Its content, which is optimized for watching in public spaces, covers viral video compilations, lifestyle, extreme sports, ambient nature, art, and entertainment. The content has owned-and-operated channels like Chive TV, Atmosphere News, and Happy TV, as well as those generated with partners including X Games, Red Bull, and America’s Funniest Videos.
Dean Nelson from Sageview said: “We were impressed with Atmosphere’s unique strategy for connecting advertisers with hyper-focused markets. We believe their capabilities will be well-received among advertisers and businesses that adopt the service.
“Given the company’s proven business model and strong growth, we’re excited to partner alongside Atmosphere at a stage when scaling its operation is most critical.”