All Def Digital, which dubs itself the ‘leading media company for urban-centric youth culture’, has absorbed $10m in a Series B investment round led by Third Wave Digital Partners.
ADD is a talent network for hip-hop acts, social media stars, stand-up comics, writers, actors poets and more.
From this pool of performers, it creates content which is distributed across TV, digital, cinema, live and more – boasting deals with the likes of HBO, Spotify, Seeso and Fusion TV. In addition, it says it reaches over 100 million fans monthly across Facebook and YouTube – where it operates an influential MCN.
Three years ago, ADD teamed up with Universal Music Group to scout for online talent that could be signed to the major.
The new funding round was led by Third Wave Digital Partners, while other investors included WPP through WPP Ventures and Andreessen Horowitz, as well as all of ADD’s existing investors: Nu Horizons, Greycroft Partners, eVentures and Advancit Capital.
The announcement was jointly made by ADD Chief Executive Officer Sanjay Sharma and co-founder and Chairman Russell Simmons (pictured).
“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 Russell Simmons, co-founder of ADD.
“We chose partners who understand the value of our consumer brand, our talent relationships and fans, and the white space we’re filling”
“Our partners – the most important and influential firms in media, marketing and technology – share our vision that cultural and demographic shifts, coupled with the massive disruption of the traditional media industry by online video, social and mobile, create a singular opportunity for us to create a new class of data oriented media business,” said Sanjay Sharma, ADD’s CEO.
“Hip hop is a global cultural movement touching all aspects of life, from music to art to fashion, to language itself, and at the very heart of youth culture. Millennials and Gen Z are the most demographically diverse cohorts in history, incredibly influential and equally hard to reach through traditional media.”
The financing will boost ADD’s original programming creation in comedy, music, sports, news and poetry, as well as branded entertainment and multi-dimensional sponsorships.
The company’s in-house ADHD agency division has struck deals with with consumer electronics brands, car makers, beverages, major motion picture studios and more.
ADD is currently in pre-production on All Def Comedy Live for HBO, which will introduce audiences to a new generation of comedic talent and scheduled to air this Fall (autumn).
It recently announced its expansion into music programming through a launch partnership with Spotify, part of the music service’s entry into original video programming. ADD also has closed a partnership with Seeso, NBCU’s direct-to-consumer over the top subscription app for comedic programming, as well as a partnership with Fusion TV, Univision’s cable and digital network focused on diverse millennials, for the All Def Movie Awards.
Third Wave Digital Partners’ Allen DeBevoise founded the VC firm after more than 30 years’ experience building and investing in digital media companies. He has invested in over 70 startups including AwesomenessTV, Tastemade, StyleHaul, MiTu, Vessel, WeVr, Jukin Media and Tubular Labs, to name a few.
“With hugely impressive growth, retention and engagement metrics, All Def Digital is quickly scaling and poised to become the most important and influential brand for urban youth culture in America, and around the world – that’s the reach of hip hop” said DeBevoise.
“We are tremendously excited to be partnering with Russell, Sanjay and the entire All Def SquADD, and look forward to helping build this unique brand which speaks so authentically and convincingly to Millennials and Generation Z.”Music Business Worldwide
