New York – Popdust, a New York-based pop music site co-founded last year by Hugh Panero, the former co-founder and CEO of DC-based XM Satellite Radio, said it has raised $4.5 million in its first round of funding, led by Chevy Chase-based New Enterprise Associates (NEA).

RRE Ventures, SoftBank Capital and Project A Ventures also participated, along with several individuals.

The company said it will use the proceeds to support its expanding editorial efforts, as well as other initiatives.

Popdust recently introduced Popdust Style, an online retail store where music fans can shop for clothing, shoes, jewelry and accessories.

This article was also published in Potomac Tech Wire.

Related links:

Popdust – official site

Popdust – press release

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