Atmosphere, an Austin, TX-based provider of a streaming TV for businesses, raised $5M closing the Series A round at $14M.
Backers included Valor Siren Ventures I L.P., and current investors including Austin-based S3 Ventures. Valor Siren Ventures Partner and Fund Manager Jon Shulkin will be joining the board as part of the financing.
Led by Co-founder and CEO Leo Resig and Co-founder and President John Resig, Atmosphere provides a free ad-supported platform which offers 21 audio-optional channels such as CHIVE TV, Red Bull TV, X Games TV, America’s Funniest Videos TV and Quick Take by Bloomberg. It is currently streaming on TVs in over 8,000 restaurants, bars, gyms and other venues – playing over 135k hours per day in aggregate. In addition to the content, venues can run custom promotions on their TVs to drive customer engagement and behavior.
The company monetizes through branded advertisements and subscription fees for a premium version of its platform.
The network is currently adding approximately 800 new venues per month.
The business was incubated within Chive Media Group and spun out in 2019.
FinSMEs
02/04/2020