Russell Simmons’ New ‘All Def Digital’ Cross-Platform Entertainment Network Raises $5M
It seems like Russell Simmons, the co-founder of Def Jam Records and the man behind Global Grind, is always making a deal. Simmons has announced that his All Def Digital, Inc. (ADD) has closed $5 million in Series A financing deal. The deal was led by the influential new media venture capital firm Greycroft Partners, with participation from Advancit Capital, Nu Horizons Investments and e.ventures, reports Target Market News.
All Def Digital is a digital consumer entertainment brand and cross-platform network created to deliver comedy, music, news, poetry and innovative artistry in all forms globally. “The Def Jam co-founder started ADD last year with AwesomenessTV CEO Brian Robbins, All Def Music CEO Steve Rifkind and longtime music executive Osman Eralp as co-founders. The company — first created as a YouTube multichannel network that would combine music, comedy, poetry, news and art — has expanded across multiple platforms, including ADD52, a website to spotlight emerging musicians,” reports The Hollywood Reporter.
With this round of financing, ADD can move forward on its 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.
“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’s funding sources also include as a major investor Nu Horizons, a fund jointly established between Russell and Kimora Lee Simmons-Leissner,” reports Target Market News.
ADD has been busy finalizing various ventures. It recently announced a major collaboration with Samsung to create ADD52, an artist discovery platform tied into an All Def channel on the MILK music streaming service. Most recent ADD’s “Single of the Week” broke the Billboard/Twitter “Real Time” Top 10 Chart shortly after being released.