Jay Z launches a venture capital firm to back startups
Jay Z was rumored to be launching a venture capital firm, and it looks like the scuttlebutt was true. His company Roc Nation has formed Arrive, a VC “platform” that will help younger startups build their brands and businesses. Roc is betting that its experience in fostering artists and athletes will translate to the corporate world. Arrive doesn’t have a fund of its own just yet, but one is in the works.
A VC firm by itself isn’t anything novel. However, Jay Z clearly has a deep stake in the technology world. He owns Tidal, of course, but he also has investments (whether directly or through Roc) in Uber, Stance and other relevant startups. Arrive could help Jay Z shape the tech he likes in its earliest stages, rather than forcing him to wait until a company is more mature. This would also help him acquire the more promising companies before someone else can swoop in.
Via: TechCrunch
Source: PRNewswire (Yahoo)
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