After a week-long burst of contributions, Sheffield Live TV managed to achieve, and even supersede, its fund-raising target to put it on course for launch.

The local TV channel for Sheffield raised £160,000 through its crowdfunding initiative, with more than 100 supporters applying to become "community shareholders".

It is thought that its community ownership model is the first of its kind in the UK media sector, enabling Sheffield people, businesses and voluntary organisations to participate as investors.

They applied for between £100 and £20,000 worth of community shares. The cash will be used to purchase equipment and complete studio facilities.

From 23 September, the new TV channel will broadcast on Freeview channel 8, Virgin Cable, and the internet in collaboration with existing the community radio station, Sheffield Live!, which has been broadcasting via FM for nearly seven years.

Sheffield Live will benefit from revenue via a contract to supply news to the BBC as well as local and national advertising and sponsorship.

Steve Buckley, chair of the new TV channel, said he was delighted at the number of applications for community shares. "We look forward to their involvement in the channel... We aim to develop a multimedia news service and to deliver original, locally-made programming, reflecting the interests and talent of Sheffield people and communities."

Source: Sheffield Live emailed press release