Investors Put $15 Million in Equity Into Artist Direct

Artist Direct Inc., Encino, announced that it obtained $15 million in equity financing from investors, including Chase Capital Ventures, Bowman Capital, Flatiron Partners, Cassandra Capital, Psilos Group Ventures and Constellation Ventures, part of the Bear Sterns Asset Management Group.

Artist Direct is an Internet music network that includes official stores for such leading artists as the Rolling Stones, Beastie Boys, Beck, Tom Petty and Backstreet Boys, which enables these artists to sell merchandise, CDs and concert tickets directly to fans; The Ultimate Band List, a leading music content and search destination, and iMusic, the leading music community site.

The company said the new financing will be used to significantly increase marketing and advertising, and launch additional artist-specific channels, online stores and a platform for digital distribution.