CULVER CITY, CA (CelebrityAccess) — Music impresario Russell Simmons' digital media company All Def Digital has closed on $5M in Series A financing from a group of investors led by new media venture capital firm Greycroft Partners.
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.
The new infusion of cash will help to underwrite All Def Digital's expanding content delivery network, , artist and talent development initiatives, and original programming in comedy, music, news and poetry, as well as branded entertainment and sponsorships.
Principal investors in the round of financing include the aforementioned Greycroft Partners, as well as Advancit Capital, led by Shari Redstone and its partners include Jonathan Miller (former chairman of AOL and Chief Digital Officer for News Corporation).
"Alan Patricoff at Greycroft is one of the most forward looking and savvy investors in early and advanced stage companies, period," said Russell Simmons, co-founder of ADD. "And Mark Terbeek was one of the first VC's 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." – Staff Writers