Jay Z is reportedly continuing to expand his business empire by diving into venture capitalism with longtime business partner Jay Brown.
Jay, whose real name is Shawn Carter, and Brown, who heads the rapper’s Roc Nation entertainment company, are seeking a full-time investment partner for the firm, Axios reported Tuesday, Feb. 21. Carter and Brown reportedly are partnering with Sherpa Capital, but their company will not be branded as a Sherpa entity.
Details aren’t widely available for Carter’s effort (including how big the fund will be) and regulatory restrictions prohibit individuals involved from commenting. Reports expect the focus to be on seed-stage companies, which are those seeking investment from angel investors like Carter and Brown, who will provide capital to get the ventures off the ground. Once the ball is rolling, it will mark the newest business project for the duo, which previously invested in Uber’s Series B. Carter has separately funded startups like Blackjet, an Uber-for-jets company that ceased operations after three years in 2016. He also invested in private jet charter company JetSmarter, beauty brand Julep and Away, a luggage company touted as a fit for the modern traveler.
Carter made news in January when 33 percent of his Tidal music streaming service, which he acquired from Norwegian/Swedish company Aspiro in 2015, was bought by Sprint. The outcome meant Sprint’s subscribers would have access to Tidal’s exclusive artist-developed content.