AUSTIN, TX—(BUSINESS WIRE)— Atmosphere (www.atmosphere.tv), the world leader in streaming TV entertainment for businesses, announced today a new $80 million Series C funding round led by Sageview Capital with participation from existing investors Valor Equity Partners and S3 Ventures, as well as a $20 million debt facility provided by Bridge Bank. The company has now raised more than $140 million in total. As part of this latest round, Dean Nelson, Senior Partner at Sageview, and Roberto Avila, Principal at Sageview, will join the company’s board of directors as board observers.
Atmosphere’s announcement comes as the company has doubled its customer base in the past year, streaming more than 250,000 hours per day and reaching more than 20 million unique viewers every month. At the moment, the company’s free streaming platform is used by over 18,000 restaurants, bars, gyms, doctor’s offices, and other places around the world. These places include Meineke Car Care, Burger King, and Texas Roadhouse. With the Series C funding, the company will be able to reach a wider audience and improve its operations in content, marketing, and ad sales.
Atmosphere’s interesting content is designed to be watched in public places. It includes compilations of viral videos, extreme sports, lifestyle, art, ambient nature, and entertainment. Content includes channels like Chive TV, Happy TV, and Atmosphere News which are owned and run by the company, as well as channels made with partners like Red Bull, X Games, and America’s Funniest Videos.
“We were impressed with Atmosphere’s unique way of connecting advertisers with hyper-focused markets. Dean Nelson from Sageview said, “We think advertisers and businesses that use the service will like what they can do.” “Given that the company’s business model has worked well in the past and that it is growing quickly, we are excited to work with Atmosphere at a time when scaling up its operations is most important.”
Atmosphere sells hardware and software to businesses for a one-time activation fee of $99. It then makes money off of content through its own advertising platform and paid digital signage program, which let venues run their own ads between content. The company’s vertically integrated distribution model offers very attractive unit economics because it owns the customer relationship, device, content channels, product delivery, and ad technology.
Leo Resig, co-founder and CEO of Atmosphere, said, “Since the TV was invented, no one has made content just for watching in businesses without sound.” “Our partners at Sageview, Valor and S3 feel the same way we do about taking over the whole third space. The atmosphere should be playing in any business with a TV screen, customers, and a lot of downtimes. The atmosphere is perfect for businesses that want to improve their space and for advertisers who want to reach a TV audience that is becoming harder and harder to reach.
Atmosphere reaches the right audience when they are most receptive to an advertiser’s message by putting it next to premium, curated, and time-tested entertainment content. This is done through dynamic contextual, geographic, and demographic targeting.
John Resig, co-founder and president of Atmosphere, said, “After years of building our distribution network, our team has set the gold standard for how consumers, businesses, and advertisers can interact with streaming services in public places.” “The third space is the last big technological frontier. We’re glad that our investors share this vision, and we’re looking forward to creating more ways for our platform to engage creatively with consumers so that Atmosphere can move faster on its mission to improve our customers’ spaces.
About the Environment
The atmosphere is a free streaming multi-channel platform for businesses. It has 64 original and partner TV channels that are licensed for use in commercial venues. The atmosphere also has features that add value for venue operators, such as a digital signage feature that lets businesses run their own promotions within the content. The platform was made with unique content, technology, and data that businesses, consumers, and advertisers can’t get anywhere else. The business was started by Chive Media Group, but it became independent in 2019. Visit www.atmosphere.tv for more information.
Concerning Sageview Capital
Sageview Capital LP is a private investment firm that helps leading tech-enabled businesses grow by giving them growth capital and operational support. As active partners, we use our many years of industry experience, operational expertise, and large network to help our portfolio companies grow and become more valuable over time. Among the companies the firm has invested in are 360insights, Aceable, CallRail, Carewell, Demandbase, DISQO, Drivewyze, Elastic Path, Ezoic, MetricStream, NAM, Pantheon, Pax8, Specright, Theatro, Womply, and XSELL Technologies. Sageview Capital was started in 2006 and has invested over $1.1 billion in 29 growth capital investments. The firm has offices in both Greenwich, Connecticut, and Palo Alto, California.
About the Valor Equity Partners
Valor Equity Partners is an operational growth investment firm that focuses on investing in high-growth companies at all stages of development. Valor has helped its clients deal with the problems that come with growth and expansion for decades. Valor works with top companies and entrepreneurs who are committed to the highest standards of excellence and have the courage to change their industries. Valor’s history in food and retail technology gave it and Starbucks the idea for Valor Siren Ventures (“VSV”), which is a new way to invest in startups. The goal of VSV is to be the leading source of innovation and market maker in early-stage investments in food, food technology, agriculture, and retail technology. Valor Equity Partners, for more information,
About S3 Ventures
One of the largest venture capital firms in Texas is S3 Ventures. Supported by a philanthropic, multibillion-dollar family for more than 14 years, we give great entrepreneurs the patient capital and real resources they need to grow great, high-impact companies in Business Technology, Consumer Digital Experiences, and Healthcare Technology.
What’s Bridge Bank?
Bridge Bank, a division of Western Alliance Bank that is a member of the FDIC, helps businesses reach their goals. Bridge Bank was started in 2001 in Silicon Valley. It provides a better way for small and mid-sized businesses in many industries, as well as emerging technology companies and the private equity community, to bank. Bridge Bank offers a wide range of financial services to both venture-backed and non-venture-backed companies. These services include capital, equipment, and working capital credit facilities, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance, and a full line of international products and services.
Bridge Bank is based in San Jose, California, and has 16 offices in major cities across the country. It also offers a wide range of specialized financial services through Western Alliance Bank. Western Alliance Bank is the main part of Western Alliance Bancorporation, which is based in Phoenix and has more than $50 billion in assets. Western Alliance is again the best-performing of the 50 largest public U.S. banks, according to a new list from S&P Global Market Intelligence for 2020. It also ranks high on Forbes’ “Best Banks in America” list every year. For more details, visit www.valorep.com
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