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MBeat Raises $1.5 Million

MBeat Media, which runs the Hip Hop social network site, has raised $1.5 million in its first round of funding from Draper Fisher Jurvetson, Grosvenor Funds and New Atlantic Ventures (formerly Draper Atlantic). It’s already targeting a second round of $4-5 million, reports TechConfidential. Urbmob runs a subscription service where customers get unlimited ringtone and wallpaper downloads for $3.99 a month, of which about half goes to the carriers, a quarter goes to a financial pool to reward artists and the company gets the rest. Positive cash flow is projected for 2009.