Shawn Fanning's new venture does it big with 10 million in the first round.

"Working with some of the original Napster Inc.'s employees and investors, Fanning, now 24 years old, has formed Snocap Inc. Today, the company plans to announce that it has raised a combined $10 million from two venture-capital firms, Walden Group's WaldenVC and Morgenthaler Ventures."

Congratulations! Not much to see yet on the homepage but certainly worth to watch out for.