(AllHipHop News) The “Empire State of Mind” hitmaker was recently reported to be founding his own venture capital firm, and yesterday (March 6), the details of his new investment were unveiled.
Arrive, a collaboration with bosses at Primary Venture Partners and Glassbridge Asset Management, will operate under the umbrella of Jay Z’s Roc Nation brand.
Neil Sirni, Roc Nation’s head of new ventures, explains:
“Arrive was created to leverage our experience and resources in building brands, developing consumer facing businesses, managing artists and representing athletes. We’ve opened that diversified, global range of expertise to a new vertical: entrepreneurs and their early stage businesses.”
Arrive bosses will help develop existing portfolio firms and provide them with institutional and operational support, reports Billboard.com.
“What Roc Nation has built so far is a true testament to their vision, capabilities and willingness to dig in and take their companies to the next level,” says Primary Venture Partners co-founder Ben Sun. “We are thrilled to partner with the amazing team at Arrive and to leverage these unique resources to build the next generation of powerful brands.”
Jay Z has been investing in technology companies for years, using his cash to back projects like Uber’s Series B, high-tech luggage maker Away, nail parlor company Julep, and private-jet firm JetSmarter, according to Business Insider.
He is also the co-owner of music streaming service Tidal.
The news emerges at a busy time for Jay Z – the rapper and his wife Beyonce recently revealed they are expecting twins, siblings for their five-year-old daughter Blue Ivy.
He is also set to become the first rapper inducted into the Songwriters Hall of Fame at a ceremony in New York City this June.