Rapper rumoured to be partnering with Roc Nation President Jay Brown to invest in tech startups.
Young Hov’ is in the place to be – i.e. tech startups. Jay Z is apparently planning to partner with Jay Brown to turn their mutual hobby – backing startups like high-tech baggage maker Away, nail parlour Julep, Jet Smarter, the private-jet startup we’re sure you are familiar with, HHH’ers, and a little-known ride-hailing app called Uber – into a full-blown business.
According to Business Insider, Jay Z and Jay B are planning to team up with Sherpa Capital and make seed stage investments – and they are scouting out for a venture partner.
Tech Crunch has taken a look at Jay Z’s past performances as an investor – and he has done ok, despite a couple of expensive failures.
Viddy, an Instagram for video app, failed, was re-branded as Supernova, and, ahem, failed again – eventually sold to Fullscreen at a knockdown price, and Blackjet, another private jet startup, also bit the dust unceremoniously.
But hey, it’s all part of being an early stage investor and Jay Z, real name Shawn Carter, has had a couple of successes besides Uber, in which he invested at the Series B stage when the company was valued at “just” $300 million – it’s now worth $62.5 billion. That will do nicely, thanks, says Carter – we imagine.
Stance, a “premium sock” company has raised $116 million from assorted Silicon Valley investors, and Devialet, a French speaker maker, has raised a $100m Series C.
So, when will be seeing the Big Z at Hipsters, Hackers & Hustlers Speed Pitching and Co-founder Dating?
We’ll let you know – any volunteers to man the water-pistols that night?