Updated: According to PwCMoneyTree Survey, the amount of funding was $2.5 million.
Hudson Valley-based Pump Audio, which acts as an agent for indie musicians, is getting an undisclosed amount in a first round led by Greycroft Partners and High Peaks Venture Partners (a Village Ventures fund). The five-year-old company founded by Steve Ellis will use the funds for new product dev and international expansion.
It’s the first investment for Greycroft Parftners, the $50 million fund formed by Alan Patricof in March; Patricof, co-founder of Apax Partners, is focusing Greycroft on emerging digital media and entertainment companies already producing a level of commercial revenue; the emphasis is on internet and wireless but also on “broader consumer sector.” For now, investments range from $500,000 to $3 million. High Peaks typically invests $500,000-$5 million, primarily in New York state. Patricof and High Peaks managing director Bradley Svrluga have joined the Pump Audio board.