Another celebrity has taken an interest over startups. According to reports, Jay Z is working on to launch a VC fund. As confirmed by Axios’ Dan Primack, Jay Z is going to build the venture capital fund together with Roc Nation president Jay Brown.
Axios claimed that multiple sources said that Jay Brown and Jay Z are to become partners with Sherpa Capital. The setup, however, won’t put Sherpa Capital on the lead with investments. More importantly, the organization will also refrain from branding the effort but Jay Z and Jay Brown are reportedly now seeking a third partner.
Jay Z who comes in real life as Shawn Carter. Together with Jay Brown, the two will primarily work on seed-stage tech opportunities, as reported by Digital Music news. The two are not strangers to investing as they have been investing in tech start-ups since 2012. In fact, the two also invested around $300 million pre-money during the Uber Series’ B.
Another report from Business Insider further confirms how heavily engaged Jay Z is to invested in start-ups. For instance, he was part of the first round of seed-fund investors for Away which is a high-tech luggage manufacturer. In line with this, the firm also proceeded to rake in $8.5 million more during a Series A financing round. To date, the fundraising was valued at $11 million. It is not only in start-ups that Jay Z is shelling out money. In fact, he also invested din a nail-parlor company Julep in 2013. During the Series B financing round of the company, it raised $10.3 million. Top Silicon Valley venture capital firm Andreessen Horowitz led the series. Among those included in the roster of investors were Will Smith, Jada Pinkett Smith and Lady Gaga.
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