Jim Breyer’s Accel has led a $4.5 million Series A round for NY-based Global Grind, a descendant of music site 360hiphop, PE Hub reports. That puts Accel, which has also invested in Facebook and Brightcove, in partnership with hip-hop entrepeneur Russell Simmons, who cofounded the legendary Def-Jam music label and sold it, more than once, for piles of cash. Now he concentrates on ventures aimed at the urban market: Cell phones, credit cards, fashion, etc.
Global Grind appears to fit squarely into Simmons’ pattern: It’s a sort of personalised start page/socialnet aimed at urban users. Execs include CEO Navarrow Wright, CFO Richard Slomovitz and former 360hiphop CEO Osman Eralp.