Jay-Z invested in Uber in 2011 and today it’s worth 200X more. Now he’s getting serious about investing in startups with plans to create his own venture capital firm, according to respected tech journalist Dan Primack’s publication Axios.
Jay-Z is building the fund with long-time partner and Roc Nation co-founder Jay Brown. They plan to focus on seed investments in young startups. They’ll get some help from Sherpa Capital, which was created by some of Uber’s other early investors. Jay Z’s fund will have its own brand and Sherpa’s staff won’t lead its investments, though, Axios reports.
Now Jay-Z is looking for a full-time venture partner to help lead his fund since he has other jobs…like being one of the world’s most famous rappers. He also has stakes in the Rocawear clothing and several alcohol brands, plus owns the music streaming service Tidal.
The entertainment and business mogul’s success across industries and his celebrity could help him gain access to the most competitive and lucrative startup investment deals.