Despite the tough conditions for digital media, entrepreneurs and investors continue to pour money into new ideas. On Wednesday, Greycroft Partners announced it will launch its second digital media fund. Greycroft’s first fund was launched in 2006.

Pump Audio, acquired by Getty Pictures for $42 million in 2007, was among the 34 innovative companies in Greycroft’s portfolios. Two other companies have already had exits.

This Tuesday at 2pm ET, Billboard will discuss the current state and future of digital investments in an online webinar titled “Purse Stringers: Inside the Minds of Money Mavens.” On the panel will be Chris Capps (KVG Partners), Tim Chang (Norwest Venture Partners), Charles Johnson (SunTrust) and Larry Miller (co-founder of Or Music). Participants are invited to log on at (insert here), listen to the experts discuss today’s music investments and submit questions to the panelists.