Russell Simmons' digital music and media conglomerate All Def Digital has closed $5 million in Series A financing. The round is led by new media venture firm Greycroft Partners along with Advancit Capital, Nu Horizons Investments and e.ventures. Greycroft's Mark Terbeek who will join ADD’s board.
“Alan Patricoff at Greycroft is one of the most forward looking and savvy investors in early and advanced
stage companies, period,” said Simmons. “And Mark Terbeek was one of the first VCs 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.”
The money will be used to accelerate the company's cross-platform growth, artist and talent development initiatives, and original programming in comedy, music, news and poetry.