Popdust has completed a USD4.5 million Series A Preferred Share fund raise led by New Enterprise Associates with participation from other leading venture capital firms RRE Ventures, SoftBank Capital and international investment firm and company builder Project A Ventures, along with several prominent individual investors.
The successful financing was announced by the company’s new CEO Hugh Panero. The new funds will support Popdust’s expanding editorial efforts and other strategic initiatives.
Many of the Series A investors were also seed stage Popdust investors and have witnessed its growth to nearly 1 million unique monthly visitors and recent evolution into e-commerce. As reported in INC.com and the New York Times, Popdust recently introduced Popdust Style, its online retail store where music fans can shop for clothing, shoes, jewelry, and accessories. The inaugural collection of fashion and accessories was curated by Epic Records recording artist Karmin.
"Popdust is a fast growing digital platform featuring pop music news, artist-engaged content and e-commerce tailored for a large, young, affluent, music fan base," says Panero. "We’re proud to have earned the support of these experienced investors and are looking forward to a successful year ahead."