Popdust Announces $4.5 Million Financing From Top VC Firms
Proceeds From New Financing will Support Popdust's Strategic Initiatives
NEW YORK, June 4, 2012 /PRNewswire/ -- Popdust, the leading pop music digital website today announced the completion of a $4.5 million Series A Preferred Share fund raise led by New Enterprise Associates with participation from other leading venture capital firms RRE Ventures, SoftBank Capital and international investment firm and company builder Project A Ventures, along with several prominent individual investors. The successful financing was announced by the company's new CEO Hugh Panero. The new funds will support Popdust's expanding editorial efforts and other strategic initiatives.
Many of the Series A investors were also seed stage Popdust investors and have witnessed its growth to nearly 1 million unique monthly visitors and recent evolution into e-commerce. As reported in INC.com and the New York Times, Popdust recently introduced Popdust Style, its online retail store where music fans can shop for clothing, shoes, jewelry, and accessories. The inaugural collection of fashion and accessories was curated by Epic Records recording artist Karmin.
"Popdust is a fast growing digital platform featuring pop music news, artist-engaged content and e-commerce tailored for a large, young, affluent, music fan base," comments Mr. Panero. "We're proud to have earned the support of these experienced investors and are looking forward to a successful year ahead."
Popdust focuses an expert music-centric lens on the artists creating and performing the biggest songs in the country. Since launching in 2011, Popdust has already reached nearly 1 million unique monthly visitors composed of young, voracious music fans who obsessively follow stars like Lady Gaga, Justin Bieber, Katy Perry and Rihanna. The management team is led by new CEO Hugh Panero, former CEO and Founder of XM Satellite Radio; David Wade, Co-Founder/President; and Co-Founder/Editor-In-Chief Craig Marks, former top editor of Spin, Blender and Billboard. Popdust investors represent the leading venture firms including: Lerer Ventures, New Enterprise Associates, Softbank Capital and RRE Ventures. Read stories at www.popdust.com.
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