Shawn Carter, best known as Jay Z, is actually diving deeper into venture capital.
The rapper-entrepreneur is actually an investor in Uber, among different startups, nevertheless today he’s formalizing his investor efforts: Roc Nation, Carter’s entertainment firm, is actually launching a brand new business arm called Arrive.
Arrive will pour capital into young startups, as well as advise them on brand as well as business development. (Perhaps the item will use JetSmarter, another Carter-backed startup, as a case study in how not to pitch the press.)
The brand new business unit is actually a collaborative effort with seed stage venture firm Primary Venture Partners (whose portfolio of investments includes startups Jet, Maple as well as Ollie) as well as GlassBridge Asset Management, the company said in a statement Monday.
the item’s unclear how many companies Arrive will invest in — as well as how how much money the item will shell out.
nevertheless the plan is actually to go big, according to the announcement: The company “anticipates the launch of a traditional venture fund in order to, among different activities, support existing portfolio companies through their subsequent growth stages.”
Roc Nation did not immediately respond to CNNTech’s request for comment.
Carter has firsthand experience growing a tech startup: He launched music streaming service Tidal in 2015 after buying Swedish tech company Aspiro. In January, Sprint bought 33% of the company for $0 million.
CNNMoney (brand new York) First published March 6, 2017: 10:17 AM ET