Jay Z's Roc Nation Is Launching a Venture Fund to Invest in Early-Stage Startups
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Jay Z's entertainment company is adding startup investing to its repertoire.
Roc Nation, which Jay Z founded along with Jay Brown in 2008, is launching a "startup platform" called Arrive to invest in early-stage startups and help those companies build their brands.
New York-based venture capital firm Primary Venture Partners will be serving as a venture advisor to the fund and GlassBridge Asset Management will be providing "institutional and operational support."
There's no word yet on the size of the fund.
With Arrive, Roc Nation plans to offer a slew of startup services beyond capital investments, and there are further plans to launch a later-stage fund in the future. Roc Nation also plans to expand its "social impact investing" later this year.
Carter has been investing in tech startups since at least 2012. Both Carter and Brown invested in Uber's Series B, according to Axios, and Carter has invested in three other startups: the high-tech-luggage maker Away, the nail-parlor company Julep and the private-jet startup JetSmarter.
Carter is also the co-owner of the music-streaming service Tidal.