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Jay Z Goes From MC To VC With New Fund Launch

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Jay Z Goes From MC To VC With New Fund Launch

Music icon Jay Z has found his new calling: leading a venture capital fund.

According to Axios, Jay Z is launching a venture capital firm along with his longtime business partner Jay Brown. The two are currently looking for a full-time investment partner to come on board and are also partnering with Sherpa Capital — although Sherpa's staff won't be leading investments.

Jay Z is no stranger to investments, especially among private companies. For example, the rapper participated in Uber's Series B financing round, and other investments include JetSmarter and the streaming music platform Tidal.

Successful Past

Jay Z bought Tidal from Sweden-based Aspiro for $56 million. After a very rough start highlighted by three different CEOs in the first year alone, Tidal recently sold a 33 percent stake in the firm to Sprint Corp (NYSE: S) in a deal which valued the company at $600 million.

Related Link: The World's First 'Consumer Goods IPO' Will Celebrate Jay Z's Debut

He's Not The First Celebrity Turned Venture Capitalist

Other notable celebrities who transitioned into venture capital include the retired NBA superstar and five-time NBA champion Kobe Bryant. "KB24" teamed up with Jeff Stibel, an entrepreneur and investor. The two are overseeing a $100 million venture capital fund.

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Connect with us on social media — use the hashtag #BZAwards and #Fintech to spread the word!

Image Credit: By Mike Barry from Wirral, England - IMG_0653, CC BY 2.0, via Wikimedia Commons

Posted-In: Aspiro axiom Jay Brown Jay ZNews Financing Management Media Best of Benzinga

 

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