The Series B round for Witherspoon’s Draper James brand was led by San Francisco-based Forerunner Ventures.
Borders will be an equal shareholder in the Echo consortium of music retailers, which is developing a licensing and technology platform for the paid downloading of digital music. Echo was formed in January by six retailers.
Borders Inc. has joined the Los Angeles-based Echo consortium of music retailers which is developing a licensing and technology platform for the paid downloading of digital music. Launched in January, Echo was founded by retailers Best Buy, Co., Hastings Entertainment, Tower Records, Trans World Entertainment, Virgin Entertainment, and Wherehouse Music.
Borders joins Echo as an equal shareholder with the other six retail founders. With more than 435 book and music superstores around the globe, Borders is the second-largest retailer of books, music and movies in the world.
Echo is seeking competitive licenses from the recording industry to enable the mass marketing of digital music products and services through online and in-store channels. It seeks to deliver digital music products and services through individually branded or co-branded consumer offerings.