My Damn Channel Receives $4.4M in Funding
There will be plenty more hip, funny, and unconventional online videos from My Damn Channel, thanks to the success of its Series B financing round. The fledgling entertainment company received $4.4 million in Series B financing from Intuitive Venture Partners, with additional funds coming from Series A investors Okapi Venture Capital and Sunshine Wireless Company.
To see why My Damn Channel has been successful so far, one only needs to look at the names behind it. It's run by founder and CEO Rob Barnett and COO and co-founder Warren Chao. Barnett was an executive with MTV, VH1, and CBS, while Chao has legal, financial, and business development experience with Wilson Sonsini Goodrich & Rosati, Intel Capital, and TV Guide. The talent behind My Damn Channel's online shows include Harry Shearer, David Wain, Don Was, Illeana Douglas, Keanu Reeves, Coolio, Will Forte, Kristin Wiig, Felicia Day, Jon Bon Jovi, Elizabeth Banks, Jonah Hill, Sam Seder, David Cross, and Sarah Silverman.
The company produces original videos for all digital platforms, and will announce premium paid programming in the fourth quarter of this year. It's enjoyed successes with sponsored series, including Easy to Assemble and Sparhusen (IKEA), Childrens Hospital (Adult Swim), The Webventures of Justin & Alden (Trident Layers), Grace Crashers (Southern Comfort), and Off Track with Tony Stewart (Armor All). According to its communications department, the channel has 64,000 subscribers on YouTube and "a bazillion total views."
My Damn Channel will use the funding to add sales and development personnel.
"Warren and I believe that you build a new media company by stealing a few old-fashioned rules," says Barnett. "We focus on controlling costs and earning real revenues from repeat customers. We work with the best partners to offer the most powerful monetization force ever created: great content."
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