Elevator Labs Going Up for $20 Million

KGC Capital will back former Virgin Digital executives Zack Zalon and Brendon Cassidy, as they co-founded Elevator Labs, a fund incubator for new media companies. The company’s portfolio includes Hello Music, Wilshire Media Group and Fat Cloud.

PRESS RELEASE:

New ‘Innovation Factory’ Elevator Labs Launches
LA-based team of media and technology executives raises $20 million
for invention and operation of new media companies
LOS ANGELES – August 11, 2011 – Elevator Labs, a new invention company, today announced
that it has secured $20 million in initial funding from KGC Capital. Former Virgin Digital
executives Zack Zalon and Brendon Cassidy co-founded Elevator Labs to bring ideas to life by
identifying emerging market opportunities and transforming them into impactful new
businesses.
Zalon and Cassidy have been collaborating for more than a decade, having built and operated
numerous digital initiatives at Virgin and creating together a number of innovative standalone
businesses since. Several of these ventures will now become part of the initial Elevator Labs
portfolio.
The Elevator Labs portfolio currently includes:
• Hello Music, the leading online marketplace dedicated to helping all musicians gain
access to the same opportunities usually reserved for top-tier signed artists. Hello
Music’s membership community enjoys exclusive access to instruments and music gear,
pre-booked blocks of recording studio time, unique content distribution opportunities,
and other exclusive music industry offerings.
• Wilshire Media Group, the interactive product agency that helps brands create a
dramatic impact online. Since 2006, Wilshire has empowered its clients to add over
$500 million of measured incremental revenue by designing and developing new
interactive products and services that meaningfully connect with consumers.
• Fat Cloud, a next-generation technology platform that supercharges Microsoft .NET. For
the first time, developers and administrators have access to powerful tools that simplify
the creation and management of high-scale, high-performance .NET applications and
the infrastructure that supports them.
Additional Elevator Labs ventures are currently in development and will be announced in the
coming months. A key focus of the Elevator Labs mission is to continue to found, foster and
grow new ideas and companies in the Los Angeles region while also building a community of
innovation with existing Los Angeles technology, media and government organizations.
“We believe strongly in the power of ideas. The core belief of Elevator Labs is that the right idea
executed at the right time – and in the right way – is the only proven key to building value,” said
Zack Zalon, Elevator Labs Managing Partner and co-founder. “Our mission is to apply our vision to value methodology, working intimately with our portfolio companies to create meaningful
businesses that stand for innovation; that drive revenue; and most importantly that have a
positive impact on people’s lives.”
Elevator Labs represents a different approach to building and growing companies, one that is
squarely focused on bringing to market new ideas and inventions that are ideated, financed and
engineered by the Elevator Labs team. Under the Elevator model, the initial idea for every
company is developed in-house and the Elevator team uses an execution model that has been
defined by the organization’s team over the course of more than a decade working with some
of the world’s most innovative brands.
The Elevator Labs Founding Team
Zack Zalon
Zack Zalon is co-founder and Managing Partner of Elevator Labs. He is co-founder and Chairman of
Wilshire Media Group, the interactive product agency, working with some of today’s most recognized
brands to develop consumer-focused interactive products. Prior to Wilshire, Zalon held roles as the
President of Virgin Digital and President of The Factory Network, and has focused the last 16 years
exclusively on interactive media, assisting countless Fortune 500 companies to build profitable digital
businesses.
Brendon Cassidy
Brendon Cassidy is co-founder and Managing Partner of Elevator Labs, responsible for guiding the
efficiency and methodology practices that accelerate the success of Elevator’s portfolio companies.
Earlier in his career, Cassidy was Chief Technology Officer for Virgin Digital, co-creating the Radio Free
Virgin service. He is additionally the co-founder of Wilshire Media Group and Hello Music, and has
worked at the intersection of technology and media for more than 20 years.
About Elevator Labs
Elevator Labs brings ideas from vision to value. Beginning with new business concepts, the
Elevator Labs team funds and builds those concepts into a fully functioning, revenue generating
businesses. Founded in 2011, the Elevator Labs team is a diverse group of executives from the
media and technology industries. Headquartered in Los Angeles, California, Elevator Labs is a
privately held company and is backed by KGC Capital. For the full Elevator Labs experience,
please visit www.elevatorlabs.com.