Atmosphere.TV and Bridge Bank: A Relationship Built on Trust
September 13, 2023
Atmosphere TV may be the biggest media company you don’t know you watch. As one of the fastest-growing streaming providers in the country, Atmosphere delivers a plethora of audio-optional TV channels programmed for out-of-home viewing.
An international company, based in Austin, Texas, Atmosphere’s ad-supported, free-to-the-operator streaming platform includes short-form viral videos, real-time news and sports, scenic drives, pets, craft channels, and even Bob Ross. Most people have seen Atmosphere content at a gym, restaurant, waiting room, bar, or airport.
Atmosphere’s business boomed, starting in late 2020, as advertising budgets shifted to connected TV and streaming TV environments. Today, its platform is actively streaming in 65,000 customer venues across 35 countries. That network averages 120 million monthly viewers in the U.S. alone.
The company has raised nearly $200MM in four funding rounds, most recently a $65MM Series D in November 2022, which resulted in unicorn status with a $1B valuation. Atmosphere’s relationship with Bridge Bank began in September 2021 with a $20MM debt facility.
“When we were looking at different capital and banking options, the choice to move had a lot to do with the venture debt facility,” explains Mike Grisko, CFO of Atmosphere TV. “It was important to choose a bank that could put together a flexible structure and competitive pricing, in addition to working with a team that understood a growth business like ours. That was one of the biggest deciding factors of why we chose Bridge Bank.”
As Atmosphere has grown, Bridge Bank has stepped up alongside the company to provide a complete banking relationship that includes treasury management services, multiple deposit accounts, and proportionately increased debt facilities. That growing relationship is built on trust, according to Grisko.
During the banking industry disruption in early 2023, “Bridge Bank was available and willing to have hard conversations.” While Atmosphere didn’t have relationships with any of the banks that went into FDIC receivership, Grisko and his team wanted to ensure Atmosphere’s funds were secure with Insured Cash Sweep accounts and extended deposit coverage. “The [Bridge Bank] team was able to set up new accounts and move us into a different product [Insured Cash Sweep] over the weekend, within 24 hours.”
Ultimately, Grisko says, “Bridge Bank provides constructive solutions, and that’s what you want to see from your bank. It’s like knowing who your true friends are — you know it by how they react when times are not good, whether that’s a macro event outside your control or something unexpected within your business. How they react in those situations, is the best test of the bank that you want to be with. Bridge Bank has shown themselves to be responsive, flexible and pragmatic, which is incredibly valuable for our dynamic business.”