According to a new report by esports journalist Jacob Wolf, gaming network VENN has hired a texas-based accounting firm to help find additional funding or to help liquidate their assets. This comes after the network were unable to obtain notable viewership after a year of broadcasting.
VENN raised $43 million in funding in both 2019 and 2020 and are looking to have a Series B round. Co-founder Ariel Horn told DotEsports:
“We’ve vetted a broad list of potential partners and been working with this firm to get a memo out to all of them. We’re looking for this deal and it’s something that’s of course necessary because we’re a startup and we’re not profitable as of now.”
Originally branded as the “MTV of the Gaming Generation,” VENN has had to cut down their workforce significantly change their programming lineup several times over the past year. The network broadcasted 55-hours of live programming at launch, but has now pivoted to short-form video-on-demand content on platforms such as TikTok and YouTube.