(Culver City, California--August 6, 2014) ALL DEF DIGITAL, INC. (ADD) announced today it has closed $5M in Series A financing led by the influential new media venture capital firm Greycroft Partners, with participation from Advancit Capital, Nu Horizons Investments and e.ventures. The announcement was jointly made by ADD co-founder Russell Simmons and Greycroft’s Mark Terbeek, who will join the Company’s Board of Directors.
ALL DEF DIGITAL is 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.
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 funding will also be used to expand ADD’s multi-channel network and operations.
Principal investors include some of the most important names in digital media and entertainment today. Greycroft is known for its experience, influence and success in the digital arena, making strategic early investments in a prestigious portfolio of new media and online video start ups including Maker Studios, AwesomenessTV, and The Huffington Post. Advancit Capital is led by Shari Redstone and its partners include Jonathan Miller (former chairman of AOL and Chief Digital Officer for News Corporation). E.ventures is a global venture capital firm with a 15 year track record backing companies as diverse as Groupon and Angie’s List. ADD