News Column

United Kingdom : $5m in financing added by All Def Digital

August 7, 2014

The two companies declared All Def Digital has closed $5 Million in Series A financing managed by new media venture capital firm Greycroft Partners.

The financing will be utilized to speed up the company s cross-platform growth, talent development initiatives, and original programming, as well as its branded entertainment and multi-dimensional sponsorships. A portion will in addition be devoted expanding its multi-channel network.

Greycroft partner Mark Terbeek as part of the deal will join the board of directors of All Def Digital.

Established in August 2013 as a partnership between Rush Digital Media and AwesomenessTV, All Def Digital is enthusiastic to delivering comedy, music, news and poetry intended mainly at urban audiences. Its co-founder Russell Simmons (pictured, above left) is a serial entrepreneur whose previous successes include the clothing line Phat Farm and Def Jam Recordings, which launched the careers of the Beastie Boys, LL Cool J and Public Enemy.

The newest round of financing also comprises participation from Advancit Capital, and Nu Horizons Investments, the latter of which is a fund that was jointly established by Simmons and his at present ex-wife Kimora Lee Simmons-Leissner.

All Def Digital in March introduced ADD52, an artist discovery platform that s part of the All Def channel on Samsung s MILK music streaming service.

The company in July named previous Machinima exec Sanjay Sharma as its first president and chief operating officer.

With offices in New York and Los Angeles, Greycroft manages $600 million and has made over 100 investments in companies for example Huffington Post, Maker Studios and Pulse.

Terbeek in a statement said, We have had the pleasure of backing some great teams in this sector and when we had an opportunity to invest in All Def Digital, we jumped at the chance . When it comes to nurturing and introducing global audiences to new art forms and new artists, Russell is a one-of-a-kind visionary. I ve worked closely with Sanjay for five years and have seen the impact his strategic vision and operating expertise had in creating the MCN model itself. The opportunity to take prior learnings and build a transformative new brand, that spans video and music content, in this category, is tremendous.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters