Newly Crowned Billionaire Jay-Z Just Invested in a Cookie Company
The mogul's Marcy Venture Partners led a seed round for allergen-free cookie maker Partake Foods.
Jay-Z isn't just one of the biggest rappers on the planet; he also owns a record label and holds investments in art, real estate and tech companies such as Uber. In fact, over the past decade, the Brooklyn native amassed a fortune of at least $1 billion, according to Forbes.
Sean Carter's latest investment, through his firm Marcy Venture Partners, is in New Jersey-based Partake Foods, a maker of allergen-free cookies. The $1 million seed round was led by Marcy and included The FactoryBackstage Capital, SoFi Ventures, and Beyond Meat's Chief Growth Officer, Chuck Muth.
"Partake has the ingredients to build a mass market brand: compelling values, a great tasting product, and a tenacious and experienced operator," said Larry Marcus, Marcy Venture Partners co-founder and managing director, in a press release. "We are honored to back [Partake Founder] Denise [Woodard] and the team and help grow their business."
Former Coca-Cola national sales director Woodard started Partake Foods in 2016 after her daughter was diagnosed with multiple food allergies. Woodard raised more than $30,000 on Kickstarter to initially fund the business.
"When I left my career at Coca-Cola in 2017, I literally sold cookies out of my car for six months, demoing every day and meeting store managers and customers," Woodard said in a release. "Our products can now be found in over 300 stores, and we expect to finish this year … in over 1,000 stores. We are so excited to collaborate with the MVP and Factory teams, as they both bring a wealth of knowledge in brand building and scaling consumer companies."
The press releases says Woodard will use the funds to build out a team, offer different sizes and grow the brand.
Entrepreneur Editors' Picks
A 115-Year-Old Startup? The Leaders of This Family Business Are Honoring the Past and Building for the Future.
Turn Your Managers Into Your Biggest Asset for Winning the Great Resignation
'It Was Like a Drug': How Dave's Hot Chicken Grew a Cult Following in an East Hollywood Parking Lot
This Goldman Sachs Alum Launched an App That's Helping Young People Manage Their Finances and Healthcare (And She's Raising Millions of Dollars to Do It)
One of America's Richest Women Took Zero Outside Investors. Here's How Aviator Nation Founder Paige Mycoskie Did It.
4 Expert-Backed Strategies for Improving Your Communication Skills
This Couple Escaped Arranged Marriages in Pakistan. Now They Run a $14 Million Brooklyn Shoe Brand.