- Gaming-focused TV network company VENN announced it raised $17 million in funding co-led by Bitkraft and Eldridge Industries
VENN — a gaming-focused TV network company founded by Ariel Horn and Ben Kusin — announced that it raised $17 million in funding. VENN stands for Video Game Entertainment and News Network and the idea is to combine eSports with video game streaming. The platform will be officially launching next year.
This round of funding was co-led by eSports investment fund Bitkraft and private investment company Eldridge Industries.
Some of the other investors that joined this round include Riot Games co-chairman and co-founder Marc Merril, Blizzard Entertainment co-founder Mike Morhaime, Twitch co-founder Kevin Lin, aXiomatic Gaming, Bertelsmann’s BDMI, YuChiang Cheng, Lifeline Financial Group, and Reimagined Ventures.
“I’m proud to support the team at VENN on an exciting new milestone for digital entertainment,” said Mike Morhaime, Co-Founder, Blizzard Entertainment. “Having a central location for high-quality content from across the industry is an important foundational step for gaming communities.”
“Video games continue to define the culture of today’s youth. Streamers, casters, content creators, esports athletes – these are our new celebrities,” added Kusin. “VENN is giving this generation an overdue home and a heartbeat, with bi-coastal broadcast studios incorporating live audiences, premium production values, a 24/7 linear offering, and engaging and innovative formats that elevate and promote a culture traditionally overlooked by broadcast media.”
Prior to launching VENN, Kusin used to work for Electronic Arts and then became the global director for new media and strategic alliances at Vivendi Universal Games. And Horn was previously an NBC executive and was the global head of eSports content at Riot Games.
“We’ve been polishing our craft on global stages for years while dreaming up new ways to create memorable esports broadcast experiences,” explained Horn. “VENN will bring together the best and brightest talent to apply the same creativity and big-picture thinking to greater gaming and entertainment content, building a bridge from our industry into the world that surrounds it.”
The eSports market is expected to reach $1.1 billion this year, according to Newzoo. And global eSports viewers will total around 453.8 million. This is proven by the large followings that gaming personalities like Tyler “Ninja” Blevins and PewDiePie have. And teenager Kyle “Bugha” Giersdorf won the Fortnite World Cup with a $3 million prize.
“It’s about time we significantly raise the bar for video content in gaming and esports. We need to elevate the stars and stories in our community and provide a better and larger opportunity for brands to reach gamers. We have no doubt that Ariel and Ben are the guys to get this job done and are incredibly excited for a new level of entertainment value in gaming and esports,” commented Jens Hilgers, Founding Partner of BITKRAFT.
VENN is going to build out two studios: one in New York and one in Los Angeles. The company has a goal of producing 55 hours of original programming per week at launch. And some of that will come from video game streamers who are popular on Twitch and YouTube already.
“The exciting thing about VENN is its potential to expose what is so compelling about gaming culture to a wider audience,” Merrill pointed out. “I look forward to seeing the content they create and the opportunities they’re going to open up for players everywhere.”
VENN will be available through Internet-based TV subscription services, Pluto, and Twitch. And Venn will also stream content on-demand on social networks.
“The explosion in gamer-driven digital entertainment over the past decade has shown that traditional models must evolve to keep up with this new audience,” commented Keith Titan, a Partner at BDMI. “We believe that Ben and Ariel bring the passion, experience, and authenticity critical to creating content that serves, engages and challenges the digital audience. We’re thrilled to be part of their support network as they put this bold new vision into action.”
