Project A sprinkles share of $4.5m on Popdust, looks to a future in digital content over eCommerce2012-06-05 5
UPDATE: We managed to speak to Christian Weiss about Project A’s new investment. He told us that Popdust heralds the beginning of the firm looking to new ventures that depart from the straightforward eCommerce model, saying: “Our current portfolio does by far not represent our future positioning/investment focus. There will be more ventures coming that are purely digital, content- and/or tech-driven or mobile.”
Weiss added that having visibility on the US VC scene was also on the agenda: “We are working in a global market with some of the best ideas and talents very often coming from the US. Therefore being part of such an amazing group of people (founders, VCs, Business Angels) is definitely a great opportunity for us – especially since we have only just started.”
Whether of not Christian Weiss knows about Nicki Minaj’s latest outrageous outfit choices, or if Florian Heinemann is aware of Justin Bieber’s latest antics in Paris, one thing’s for sure – Project A’s recent investment in US celebrity music site and eCommerce platform Popdust means that they can spot a potential international investment hit.
Project A joined the $4.5m Series A funding round of the magazine-style music and celebrity site. The round was led by New Enterprise Associates, a previous Groupon backer, and including RRE Ventures, SoftBank Capital and several individual investors.
The new funds will support an expansion of editorial content as well as other monetising initiatives, such as a new fashion store, Popdust Style, selling clothes and accessory collections curated by up and coming US pop stars.
“Popdust is a fast growing digital platform featuring pop music news, artist-engaged content and eCommerce tailored for a large, young, affluent, music fan base,” comments CEO Hugh Panero. “We’re proud to have earned the support of these experienced investors and are looking forward to a successful year ahead.”
Project A – aiming for a hit Stateside
Just like European pop stars, Project A knows that to grow its fortune it needs to have a hit Stateside. This is an interesting investment that should help to raise the company’s international profile – Project A is described in the Popdust press release as ”international investment firm and company builder” and this move can help put it on the American VC map.
Christian Weiss told Gruenderszene: “Popdust links content formats with commerce in an attractive way and of course, working with Popdust is also an attractive format to test for international cooperation”.