NXTM, a Culver City, California-based digital media company, has received an equity investment of undisclosed amount led by Spring Mountain Capital.
The company intends to use the capital to fund growth initiatives and continue to develop its recently launched social media music platform WhoozNXT.
Created in 2010 to exploit the power of social media and commerce within the music industry, and led by CEO Jeffrey Yapp, NXTM provides superstars, emerging and aspiring artists with the tools necessary to build, manage and monetize their brand online. WhoozNXT offers live performance opportunities for emerging and aspiring bands based on their fan acquisition on social networks, such as Facebook, Twitter and YouTube.
As a result of the investment, made through SMC Holdings III, Spring Mountain Capital holds two seats on NXTM’s board.