Popdust Gathers Financing

POPDUST GETS WATERED: Music digital website Popdust, which has attracted more than one million visitors with its blend of pop news, artist-engaged content and e-commerce, announced the completion of $4.5 million in funding 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. The financing was announced by the company’s new CEO Hugh Panero, former CEO and founder of XM Satellite Radio, who said the funds will be used to support the site’s expanding editorial efforts and other strategic initiatives. The company’s principals include Co-Founder/President David Wade and Co-Founder/Editor-In-Chief Craig Marks, former editor of Spin, Blender and Billboard. 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. (6/4p)