Jay Z continues to show why “his bag different.”
Axios reports the rapper/business…man, is launching a venture capitalist firm with his Roc Nation partner Jay Brown.
The pair also is scouring the venture market for a full-time investment partner. The “Jays” also are partnering with Sherpa Capital, although this won’t be a Sherpa-branded effort, and existing Sherpa staff won’t be leading investments.
Expect the focus to be on seed-stage tech opportunities, with this really being the institutionalization of Jay Z and Jay Brown’s previous angel investing activities. For example, they both were in Uber’s Series B, at a $300m pre-money. Other investments have included JetSmarter, plus his involvement and stake in music streaming service Tidal.
No word yet on fund size target, nor any comment from those involved (due to regulatory restrictions).
This report comes on the heels of Jay entering a film and television deal with the Weinstein Company which produced the Kalief Browder Story. This also comes after Jay sold a 33% stake of Tidal to Sprint for $200 million.
Jay’s former nemesis Nas also launched his own venture capitalist fund, Queensbridge Venture Partners, in 2016.