Encino, CA-based ARTISTdirect Inc., which operates several music destination
Web sites, said it has closed on $15 million in equity financing.
Investors include Chase Capital Ventures, Bowman Capital, Flatiron Partners,
Cassandra Capital, Psilos Group Ventures and Constellation Ventures, part of
the Bear Sterns Asset Management Group.
The ARTISTdirect.com network includes
official stores for artists such as the Rolling Stones, Beastie Boys, Beck,
Backstreet Boys, and others, which enable these artists to sell merchandise,
CDs and concert tickets directly to their fans. It also operates The Ultimate Band List, a
music content and search destination; and iMusic, a music community site.
The company said the financing will be used to increase marketing and
advertising to create mass brand awareness, and to launch additional
artist-specific channels and online stores, develop strategic distribution
partnerships and launch a platform for digital distribution of music.
“This investment will allow ARTISTdirect to expand our leadership in online
music content, community, and e-commerce, as well as aggressively move
forward with our plans to become the ultimate digital music distribution
hub,” said Marc Geiger, president of ARTISTdirect.
“We are impressed
ARTISTdirect’s client roster as well as the way they utilize the assets of
UBL.com and iMusic to position themselves to discover, promote and distribute
the music of tomorrow’s stars,” said Bob Greene, general partner of Chase Capital Partners.