eMinor Inc., the parent company of artist-to-fan marketing Web site
ReverbNation,
revealed a new $3 million Series B round of venture funding that brings first-time investor ETF Venture Funds into the fold. Based in greater Philadelphia, ETF becomes the third East Coast firm to invest in ReverbNation, alongside D.C.-area fund Novak Biddle Venture Partners and Southern Capitol Ventures of Research Triangle Park, N.C.
Novak Biddle and Southern Capitol led ReverbNation's $2 million Series A funding, announced in August 2006. A ReverbNation spokesperson says that round was extended by an unspecified amount during the interim as well.
ReverbNation develops online marketing tools for artists to communicate with fans, and says it maintains profiles for 250,000 artists, as well as managers, labels and venues. It's among several companies, such as
Topspin Media, that allow independent artists to maintain direct relationships with fans, essentially supplanting some roles once played by record label marketing departments.
I'm hoping to check in with ReverbNation again within a few days, so watch for more news in this space. -- Paul Bonanos
See press release from ReverbNationSee July 7 post from Tech Confidential concerning Topspin Media
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