Justin Bieber showed off his entrepreneurial side recently, becoming the lead investor in a new teen focused social network, according to Fortune.
The 19-year-old pop star led a $1.1 million seed round for the new social network called Shots Of Me, which is scheduled to launch later this week by the founders of RockLive games.
According to Fortune, this is the Biebs' first VC investment in a social network. The “Baby” singer is managed by businessman Scooter Braun, who has made major moves in tech including investments in Stamped and Spotify.
"We got to know Justin after he began playing our games and tweeting about it," RockLive CEO and co-founder John Shahidi told Fortune. "He's been very involved in our products, helping us test things and providing feedback… When we told him that we were looking to create a social network for teens that really addresses what they aren't getting on other networks, and which tries to deal with things like cyber-bullying, his eyes just lit up."
The network’s other investors reportedly include venture capitalist Shervin Pishevar, boxer Floyd Mayweather and angel investor Tom McInerney.
Bieber joins the likes of Justin Timberlake and Ashton Kutcher who have also used their celebrity for investments in the tech space. Kutcher has invested in companies such as Skype, Foursquare, Airbnb and Warby Parker, among others. Timberlake has an ownership stake in the social network MySpace.
Is a freelance writer in New York. She's written about personal finance and small business for such publications as The Wall Street Journal, MainStreet.com, Walletpop.com, People magazine. She also works as a freelance producer covering money at ABCNews.com. Little attended Howard University where she studied journalism. She loves drinking wine and tweeting, preferably at the same time. Follow Little on Twitter @Lyneka.