Music Biz: Russell Simmons’ All Def Digital Gets $10 Million in Funding
All Def Digital, the media company co-founded by hip-hop mogul Russell Simmons, announced some good news on Wednesday. The comapany, begun in 2013 by Simmons and investor Mark Terbeek, has raised $10 million in Series B funding.
The round of investment was led by Third Wave Digital Partners, and also included cash from new investors WPP Ventures and Andreesen Horowitz. The latter company is best known by hip-hop fans for being a key early investor in Rap Genius. All of ADD’s already-existing investors (Nu Horizons, Greycroft Partners, eVentures, and Advancit Capital) contributed as well.
“For the next phase of growth, we chose investors who understand what we are building at All Def across all media — from digital series to live events, from Facebook to premium series and feature films,” said Simmons in a statement. “We chose partners who understand the value of our consumer brand, our talent relationships and fans, and the white space we’re filling.”
In addition to the content on their website, All Def Digital has a first-look deal with HBO, and is currently working on All Def Comedy Live for the network. They also recently announced a comedy roast franchise, and have signed on Snoop Dogg to be the inaugural guest of honor.
