Atmosphere Revenue, Valuation, Funding & Investors
Atmosphere is valued at $1B as of February 2023, a 40.0x multiple on its last reported $25M revenue.
Last Atmosphere valuation
$1B
Series D · Feb 2023
Last Atmosphere funding round
$65M
Series D · Feb 2023
Atmosphere revenue
$25M
Series D · Feb 2023
Key investors in Atmosphere
Valor Equity Partners
S3 Ventures
Sageview Capital
Capstar Capital
About Atmosphere
Atmosphere is an Austin-based streaming TV service for bars, restaurants, and gyms, delivering 21 ad-supported channels with sports, lifestyle, and entertainment content. Spun out from Chive Media Group in 2019, it includes digital signage overlays for venue promotions and viewer interaction via QR codes. The platform reaches thousands of U.S. locations through proprietary data analytics.
Founded
2019
HQ
Austin, TXWebsite
Status
Privately held
Customer focus
B2B
Revenue model
Advertising, Subscription
Revenue
$25M (Feb 2023)
Valuation
$1B (Feb 2023)
Atmosphere Valuation
Atmosphere is currently valued at $1B, based on its Series D in February 2023.
The $65M round was led by S3 Ventures, Sageview Capital and Valor Equity Partners.
Atmosphere's valuation has grown 3.6x from $275M at its Series B in April 2021 to $1B in February 2023, across 2 priced rounds.
Atmosphere valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Feb 2023 | Series D | $1B | 40.0x |
| Apr 2021 | Series B | $275M | 11.0x |
Atmosphere Revenue
Atmosphere's latest recorded revenue is $25M, as of its Series D in February 2023. At a $1B valuation, that implies a 40.0x revenue multiple.
Revenue moved from $25M in April 2021 to $25M in February 2023, while the revenue multiple moved from 11.0x to 40.0x.
Atmosphere revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Feb 2023 | $25M | $1B | 40.0x | Series D |
| Apr 2021 | $25M | $275M | 11.0x | Series B |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Atmosphere Funding History
Atmosphere has raised a total of $194M across 5 funding rounds.
Atmosphere's first fundraising round was a $10M Series A in April 2019. The most recent completed round was a $65M Series D in February 2023.
Atmosphere funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2023 | Series D | S3 Ventures (lead); Sageview Capital (lead); Valor Equity Partners (lead) | $65M | $1B | Atmosphere is a free, ad-supported streaming TV platform providing short-form content specifically designed for out-of-home venues including restaurants, bars, gyms, doctor's offices, and other business establishments. The company operates over 60 FAST channels featuring content from partners like the PGA Tour and Trusted Media Brands, with programming designed to be enjoyed without audio. In February 2023, Atmosphere announced a $65 million Series D funding round co-led by Sageview Capital, Valor Equity Partners, and S3 Ventures, achieving a $1 billion post-money valuation and joining the unicorn club. The company demonstrated significant traction in 2022, more than doubling its customer count to reach nearly 50,000 locations worldwide, including major brands like Burger King, Texas Roadhouse, Meineke, and Snap Fitness, with over 60 million unique monthly viewers. At the time of the Series D, Atmosphere was adding approximately 5,000 new locations per month and estimated its addressable U.S. market at around 2.4 million locations, with an additional five million in Western Europe, positioning itself as a distinct advertising opportunity for brands seeking out-of-home media presence in third spaces. |
| Jan 2022 | Series C | Sageview Capital (lead); S3 Ventures; Valor Equity Partners | $80M | - | Atmosphere is the worldwide leader in streaming TV entertainment for businesses, offering a free ad-supported streaming TV platform with short-form, audio-optional programming tailored for commercial venues such as restaurants, bars, gyms, doctor offices, and other establishments. The platform serves nearly 50,000 locations worldwide, including brands like Burger King, Texas Roadhouse, Meineke, and Snap Fitness, reaching over 60 million viewers per month as of the Series D announcement. It provides dynamic contextual, geographic, and demographic targeting for advertisers, delivering measurable results such as a 152% lift in brand opinion and 83% ad recall for a pet food brand in March 2022, and a 50% lift in brand awareness for a restaurant chain in April 2022. In December 2021/January 2022, Atmosphere raised an $80 million Series C funding round led by Sageview Capital, with participation from Valor Equity Partners and S3 Ventures, plus a $20 million debt facility from Bridge Bank, bringing total funding over $140 million at that time. Sageview's Dean Nelson joined the board, and the capital was aimed at accelerating global expansion and scaling operations. This followed prior rounds and positioned Atmosphere for growth in connecting advertisers with hyper-focused markets through its proven business model. The Series C was followed by a $65 million Series D round led by Sageview Capital, Valor Equity Partners, and S3 Ventures, achieving a $1 billion valuation. By then, Atmosphere had more than doubled its customers in 2022 and focused on product innovations and international expansion. |
| Apr 2021 | Series B | Valor Equity Partners (lead) | $25M | $275M | Atmosphere is a free ad-supported streaming TV platform designed for businesses such as restaurants, bars, gyms, and other venues, offering short-form, audio-optional content to enhance customer experiences without traditional cable programming. Founded by Chive Media Group alumni Leo and John Resig, the company was spun out in early 2019 and is headquartered in Austin, Texas. It provides curated programming that allows advertisers to target out-of-home audiences contextually by venue type, content, and geography. On April 22, 2021, Atmosphere closed a $25 million Series B funding round led by Valor Equity Partners, following a $13.7-14 million Series A in March 2020 also involving Valor, S3 Ventures, and Capstar Capital. The Series B valued the company at $275 million and was intended to scale operations, expand customer reach, hire hundreds of employees, and boost marketing efforts. Valor had initially participated in the Series A out of its Valor Siren Fund, which targets early-stage food, food tech, and retail tech companies. At the time of the Series B, Atmosphere was streaming on TVs in over 8,000 venues earlier in 2020, with rapid growth including 2.5x expansion since early 2019 and record venue additions in Q1 2020, reaching 500,000+ unique daily viewers and playing 130,000+ hours daily. The platform differentiated itself by addressing the mismatch of residential TV content in commercial settings, creating a new TV-for-business category. Subsequent rounds included an $80 million Series C in December 2021 led by Sageview Capital with Valor and S3 Ventures, and a $65 million Series D in February 2023 at a $1 billion valuation, also led by the same investors, supporting nationwide expansion, technology enhancements, and international growth. By 2022, Atmosphere had doubled its customers to nearly 50,000 venues worldwide, serving over 60 million monthly viewers across chains like Burger King and Texas Roadhouse. |
| Mar 2020 | Series A | S3 Ventures; Valor Equity Partners | $14M | - | Atmosphere is a free, ad-supported streaming TV platform providing short-form, audio-optional programming to commercial venues including restaurants, bars, gyms, and other business establishments. The platform is monetized through proprietary advertising and paid digital signage offerings that allow venues to display house ads between content. In March 2020, Atmosphere closed a $14 million Series A round led by S3 Ventures with participation from Valor Equity Partners and Capstar Capital, along with individual investors. At the time of the Series A, Atmosphere was streaming on TVs in over 8,000 venues and was serving 500,000+ unique viewers daily with 130,000+ hours played daily. The company, founded by Leo and John Resig of Chive Media Group, had experienced 2.5x network growth since the start of 2019 and achieved profitability by Q4 2020. The Series A funding was allocated to develop the initial platform and expand product offerings as the commercial TV market shifted toward streaming alternatives. |
| Apr 2019 | Series A | S3 Ventures (lead); Capstar Capital | $10M | - | Atmosphere is a free streaming multi-channel TV platform for businesses, offering original and partner channels licensed for commercial use in venues like restaurants, bars, and gyms. Spun out from Chive Media Group in 2019, it provides audio-optional content, digital signage for promotions, and plans to monetize via ads and subscriptions of around $10-$20 monthly per venue. In April 2019, Atmosphere raised a $10 million Series A round led by S3 Ventures with participation from Capstar Capital and other investors. The funding supports expansion of distribution, technology, data, and monetization efforts. S3 Ventures partner Charlie Plauche joined the board. At the time, Atmosphere streamed on TVs in over 8,000 venues, delivering 130,000+ hours of content daily to 500,000+ unique viewers, with 2.5x growth since early 2019. |
Who has invested in Atmosphere?
4 investors have backed Atmosphere across its funding rounds, including Valor Equity Partners, S3 Ventures, Sageview Capital and Capstar Capital.
Lead investors include S3 Ventures, Sageview Capital and Valor Equity Partners.
Atmosphere Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Austin, TX | 4 | Lead | Apr 2019 | |
| Chicago, IL | 4 | Lead | Mar 2020 | |
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Start Free TrialAtmosphere Competitors
Atmosphere competitors include listed companies like WildBrain and Amagi Media Labs, and private ones like Minute Media, Vidaa, Create Music Group and Even Realities.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 London | Private | $300M | - | $1B | 3.3x | |
| Atlanta, GA | Private | - | - | $583M | - | |
| Los Angeles, CA | Private | - | - | $2.2B | - | |
 Canada | Publicly listed | $375M | $26M | $245M | 1.0x | |
 Berlin | Private | - | - | $1B | - | |
 India | Publicly listed | $157M | $8M | $1.3B | 6.3x |
Atmosphere Public Comps
Atmosphere is still privately-owned, but its public comps include Saregama India, MNC Digital Entertainment, iQIYI, Storytel, FuboTV, Nine Entertainment, Harmonic, Zee Entertainment, Stingray Group and Amagi Media Labs.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $100M | $36M | 9.7x | 8.6x | 26.8x | 24.6x | |||
| $216M | $73M | 4.7x | - | 14.0x | - | |||
| $4.1B | $2B | 0.6x | 0.7x | 1.3x | 104.4x | |||
| $410M | $71M | 2.3x | 2.1x | 13.2x | 10.5x | |||
| $1.6B | ($122M) | 1.9x | 0.5x | (25.2x) | 23.6x | |||
| $1.6B | ($279M) | 1.3x | 1.3x | (7.2x) | 6.9x | |||
| $361M | $24M | 3.0x | 2.3x | 46.2x | 11.9x | |||
| $843M | $43M | 0.6x | 0.6x | 12.5x | 8.9x | |||
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Common questions about Atmosphere
| When was Atmosphere founded? | Atmosphere was founded in 2019. |
| Where is Atmosphere headquartered? | Atmosphere is headquartered in Austin, TX, United States. |
| Is Atmosphere publicly listed? | No, Atmosphere is a private, VC-backed company. |
| What is Atmosphere's valuation? | Atmosphere was last valued at $1B in its Series D in February 2023. |
| How much funding has Atmosphere raised? | Atmosphere has raised $194M across 5 funding rounds. |
| What was Atmosphere's last funding round? | Atmosphere's last funding round was a $65M Series D in February 2023, led by S3 Ventures, Sageview Capital and Valor Equity Partners. |
| Who are Atmosphere's investors? | Atmosphere's investors include S3 Ventures, Valor Equity Partners, Sageview Capital and Capstar Capital. |
| What is Atmosphere's revenue? | Atmosphere's latest recorded revenue is $25M (February 2023). |
| What is Atmosphere's revenue multiple? | Atmosphere's latest valuation implies a 40.0x revenue multiple ($1B valuation on $25M of revenue). |
| Which companies are comparable to Atmosphere? | Companies comparable to Atmosphere include Minute Media, Vidaa, Create Music Group, WildBrain, Even Realities and Amagi Media Labs. |
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