Culver City-based NXTM, a company developing social media and e-commerce tools for the music industry, has raised funding, according to lead investor Spring Mountain Capital. Size of the funding round was not disclosed. Spring Mountain Capital said it now holds two seats on the board of NXTM. The funding will go towards funding growth and development. Spring Mountain said NXTM currently manages the digital presence of artists Taylor Swift, Justin Timberlake, and others. NXTM's primary online brand is WhoozNXT, and the company was founded by former MTV exec Jeff Yapp. More information »