MBeat Media, which runs the Hip Hop social network site Urbmob.com, 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.