- Atmosphere, a leader in streaming TV for businesses known for offering a network of channels, announced it closed a $14 million Series A funding round
Atmosphere, a leader in streaming TV for businesses known for offering a network of channels, announced a $5 million investment from Valor Siren Ventures I L.P. (VSV). Launched in 2019, VSV partners with founders and invests in early-stage food, food technology, and retail technology companies. And current investors — including Austin-based S3 Ventures — also participated in the funding, closing the Series A round at $14 million.
Atmosphere’s free ad-supported platform has 21 audio-optional channels like CHIVE TV, Red Bull TV, X Games TV, America’s Funniest Videos TV, and Quick Take by Bloomberg. Atmosphere is currently streaming on TVs in more than 8,000 restaurants, bars, gyms and other venues, playing over 135k hours per day in aggregate.
Since the start of 2019, the network has grown 2.5x and is currently adding approximately 800 new venues per month. Along with the content, venues can run custom promotions on their TVs to drive customer engagement and behavior.
Revenue is generated for the company through branded advertisements and subscription fees for a premium version of its platform. And brands can reach highly-targeted audiences on the Atmosphere platform, particularly younger demographics (who are much more difficult to reach through traditional advertising mediums).
Atmosphere was incubated within Chive Media Group and spun out last year.
“TV programming for businesses is broken and expensive. We are boldly defining the streaming TV-for-business category. By designing streaming content and features focused on retail businesses, Atmosphere is meeting the needs of two underserved markets: businesses looking for free, audio-optional TV programming, and advertisers that have never been able to effectively buy television media to reach a targeted out-of-home audience.”
-Atmosphere co-founder and CEO Leo Resig
“Atmosphere blends the best of traditional TV and digital advertising. No other advertising medium can deliver an engaged audience, mass reach, precise targetability and industry-leading ROIs on big screen TVs. It’s the most efficient way for brands to reach millions of consumers in their daily lives.”
-Atmosphere Co-founder and President John Resig
“There are screens in retail establishments everywhere with significant content opportunities. Atmosphere helps retailers take control of their screens with brand-safe content that is superior to current cable TV programming options, which are all designed for in-home viewing with audio. We are thrilled to partner with Leo, John, and the Atmosphere team.”
Valor Siren Ventures Partner and Fund Manager Jon Shulkin — who will be joining the board in connection with the financing