Heavy.com Taps $3M In Funds
Swimming against the recent tidal wave of dotcom disasters, Heavy.com has announced a new US$3 million round of financing. In addition, Heavy has announced that David Pachter has been named president and COO. Prior to Heavy, Pachter served as senior VP of business development for Interactive Video Technologies, a streaming video solutions firm. "We feel extremely fortunate to have attracted a person of David's caliber," co-CEO David Carson said. "The President/COO post needed filling, as Heavy expands its offline programming slate." The hip-hop oriented entertainment site plans to use the new funds to grow its programming and expand its brand through extensive marketing. Venture provider BayStar Capital, who has also invested in Netcaster Eruptor.com, led the new round. "We are excited to receive this investment from Baystar," said co-CEO Simon Assaad. "With the additional financing, a backlog of licensing deals and a growing demand for our professional services business, we expect to be cash flow positive in fourth quarter 2001." Heavy.com currently has syndication deals for its animated series BEHIND THE MUSIC THAT SUCKS with UGO.com and for its live-action series SABOTAGE NEWS NETWORK with wb.com.