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Russell Simmons' All Def Digital Brings In $5M from New Funding Round
Russell Simmons' digital consumer entertainment brand and cross-platform network has secured $5 million in Series A financing from new media venture capital firm Greycroft Partners, with participation from Advancit Capital, Nu Horizons Investments and e.ventures
The financing will accelerate All Def Digital's cross-platform growth, artist and talent development initiatives, and original programming in comedy, music, news and poetry. Money will also fund the expansion of ADD’s multi-channel network and operations.
ADD most 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. Simmons previously co-founded Def Jam Records, created Phat Farm and other clothing lines and in 2000, founded 360 Hip-Hop, which he sold to BET.
ADD's outlets include a record label, television and motion picture development group, artist management group, and partnerships with full-service creative agencies.
Greycroft, which manages $600 million, has previously invested in Maker Studios and AwesomenessTV. “When it comes to nurturing and introducing global audiences to new art forms and new artists, Russell is a one-of-a-kind visionary," says Greycroft partner Mark Terbeek, who will join ADD’s board of directors.. "He is a prolific entrepreneur who has been very methodically building an outstanding platform and team at All Def Digital."
Principal investors include the Shari Redstone-led Advancit Capital.
“Mark Terbeek and Greycroft were the first to see the disruption of traditional media models caused by the collision of online video and the social web," says Sanjay Sharma, president and COO of ADD.