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Jay Z is going to launch a venture capital fund
REUTERS/Pool
Money ain’t a thang.
PAPER CHASER

Shawn Carter, professionally known as Jay Z, is launching a venture capital fund

By Zameena Mejia

Shawn “Jay Z” Carter once said success is defined by “your way, your terms.” The rapper grew up understanding the value of budgets and the need for funding to start a business, whether it was a barbershop in Brooklyn or, more recently, the Uber of private jets.

Jay Z now plans to launch a venture capital fund with business partner and Roc Nation president Jay Brown, reports Axios business editor Dan Primack thanks to a tip from unnamed sources. Primack reported yesterday that Jay Z and Brown are also seeking a full-time investment partner and have partnered with San Francisco-based VC firm Sherpa Capital, which has invested in Uber and Airbnb. They haven’t set a target for the size of the fund.

I’m not a businessman. I’m a business, man.

No one involved has spoken publicly on the issue. The focus is said to be on seed-stage tech opportunities, “with this really being the institutionalization of Jay Z and Jay Brown’s previous angel investing activities,” such as Uber, JetStarter and Tidal, according to Axios. 

Earlier this year, Jay Z sold a third of Tidal to US wireless carrier Sprint for $200 million, valuing the music streaming service at $600 million—more than 10 times what Jay Z paid for the company. Here are just a few of Jay Z’s other entrepreneurial efforts:

Primack tweeted that Jay Z’s move could signal a saturated market for venture capitalists.

Perhaps the millionaire, who became the first rapper inducted into the Songwriters Hall of Fame today, felt inspired by his friend and fan Kobe Bryant’s $100 million venture capital fund. Jay Z’s verse in a 2016 Pusha T song shows he’s no stranger to the hustle.