Tuesday, March 7, 2017

Jay Z launches "Arrive" to invest in startups

Shawn Carter, best known as Jay Z, is diving deeper into venture capital.

The rapper-entrepreneur is an investor in Uber, among other startups, but now he's formalizing his investor efforts: Roc Nation, Carter's entertainment firm, is launching a new business arm called Arrive.

Arrive will pour capital into young startups, as well as advise them on brand and business development. (Perhaps it will use JetSmarter, another Carter-backed startup, as a case study in how not to pitch the press.)

The new business unit is a collaborative effort with seed stage venture firm Primary Venture Partners (whose portfolio of investments includes startups Jet, Maple and Ollie) and GlassBridge Asset Management, the company said in a statement Monday.

It's unclear how many companies Arrive will invest in -- and how how much money it will shell out.

But the plan is to go big, according to the announcement: The company "anticipates the launch of a traditional venture fund in order to, among other activities, support existing portfolio companies through their subsequent growth stages."

Carter has firsthand exp
erience growing a tech startup: He launched music streaming service Tidal in 2015 after buying Swedish tech company Aspiro. In January, Sprint bought 33% of the company for $200 million.

culled from CNN

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