Greycroft Partners is lead investor
All Def Digital, Inc. (ADD) has closed $5 million in Series A financing, the company said on Wednesday.
The investment is led by new media venture capital firm Greycroft Partners, with participation from Advancit Capital, Nu Horizons Investments and e.ventures.
The financing will accelerate the company's cross-platform growth, artist and talent development initiatives, and original programming in comedy, music, news and poetry, as well as branded entertainment and multi-dimensional sponsorships, the company explained in a press release. The funding will also be used to expand ADD's multi-channel network and operations.
ADD touts itself as the first digital consumer entertainment brand and cross-platform network built to deliver comedy, music, news, poetry and innovative artistry in all forms from the New American Mainstream to audiences worldwide.
All Def Digital recently announced a collaboration with Samsung to create ADD52, an artist discovery platform tied into an All Def channel on the MILK music streaming service. All Def's most recent “Single of the Week” broke the Billboard/Twitter “Real Time” Top 10 Chart shortly after being released, the company boasted.
“Alan Patricoff at Greycroft is one of the most forward looking and savvy investors in early and advanced stage companies, period,” said Simmons in the media release. “And Mark Terbeek was one of the first VC's to see the revolution in video coming, having experience in many related investments. Greycroft's vantage point and network of relationships across the media landscape will be tremendously valuable to us as we grow.”