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Jay Z to expand empire with launch of venture capital firm
23 February 2017, 12:53 | Ignacio Smith
Conor Cawley @ConorCawley
Fresh off a courtroom win, and a large investment in Tidal from Sprint, comes news via Axios that Jay-Z will soon be a partner in a venture capital fund. The fund is expected to be focused on seed-stage tech opportunities.
Music mogul Jay Z will be launching a venture capital fund that will invest in start-up tech companies according to reports.
CNBC quotes start-up investor Jon Vanhala as saying that performers like Jay Z in many ways see themselves in the start-ups in which they invest. Still, Tidal is struggling to compete against chief rivals like Spotify, which has already topped 40 million paying subscribers compared to Tidal's three million. His slow crawl into the VC world can be traced back in 2011, when Roc Nationinvested in Stance, a "premium sock company".
Jay Z - whose real name is Shawn Carter - is no stranger to successful business endeavors.
The rapper turned business juggernaut has been investing in tech star ups since 2012-including an investment in Uber vehicle service's Series B, tech savvy luggage maker Away, and a private-jet startup, Jet Smarter. Uber's valuation, of course, has since ballooned to $US66 billion ($86 billion). He's also invested in JetSmarter and Uber, according to Crunchbase, which collects VC investment data.
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