Jay Z to launch venture capital fund with Roc Nation's Jay Brown
Jay Z and Roc Nation have invested in several small startups that have seen success.
Jay Z may be known for his music, but lately he has inked more business deals than song lyrics. The rapper is launching a venture capital fund with Jay Brown, the president of Jay Z's entertainment company Roc Nation, according to Axios.
Jay Z and Brown's fund will focus on seed-stage companies and its size hasn't been confirmed yet, Axios reported on Tuesday.
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Jay Z is invested in several startups both personally and through Roc Nation. He backed Uber's 2011 Series B when it was valued at $300 million. The ride-share app is now valued at $62.5 billion.
Roc Nation invested in Stance, a premium sock company, during its Series A of $6 million in 2011. Stance has since raised $116 million in five rounds of funding. Jay Z also backed JetSmarter, hailed as the "Uber for private planes," and the French speaker maker Devialet.
Roc Nation did not respond to an email for comment.