Hip-hop Web site Hookt.com has closed a $12 million second round of funding.
Among the investors are Warburg, Pincus Equity Partners and Chase Capital Entertainment Partners, a venture capital group that has previously funded ArtistDirect and the recently defunct Netcaster DEN.
Proceeds from the round will be used to extend the site’s e-commerce side, which is aimed at complementing its focus on hip-hop music, fashion and culture. The site offers MP3s and musicvids for download, as well as reviews and fashion advice columns.
“Hookt’s business model, management team and financial partners present a strong, compelling case for market leadership,” said David Libowitz, a partner at Warburg, Pincus. “As with all our portfolio companies, we will look to bring all of our resources to bear to enable Hookt to achieve this objective.”
Gotham-based Hookt went online in December. The dot-com is led by Peter Griffith, former head of programming for Diva Systems, and Chas Walker, a former Lehman Bros. banker.
“The combination of experienced senior management and our capital resources will uniquely position us to execute our business plan and establish the company as the leader in the hip-hop urban Internet space,” Griffith and Walker said in a joint statement.