DIY Music Management Platform Nimbit Raises $1.25 million

Nimbit, a direct-to-fan marketing, sales and distribution platform for musicians, announced today that it has closed a $1.25 million series A investment round. The round was led by Common Angels and Hub Angels and, according to VP of Marketing Carl Jacobson, will be used to ramp up the company’s hiring efforts.

Nimbit adds to the cumulative $3.5 million of seed funding it raised during three prior seed rounds beginning in May of 2006. The seed rounds were also led by Common Angels and Hub Angels, with LaunchCapital and Rose Tech Ventures contributing.

Founded in 2002, the Massachusetts-based Nimbit is a one-stop shop for musicians looking to manage their own direct-to-fan marketing and commercial music efforts. And though Jacobson said that Nimbit may have been “a little early to the party”, there has been quite a bit of buzz in the last few years concerning shifts in music marketing and distribution — like the success of Radiohead’s releasing “In Rainbows” direct to fans via their website, for example — and it now seems that the market may be ready to adopt the direct-to-fan model.

Source: http://techcrunch.com/2011/03/11/diy-music-management-platform-nimbit-raises-1-25-million/

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