Jay Z is no novice when it comes to diversifying his portfolio in entertainment and sports, and he has yet again added to his growing list of businesses.
On Monday, the mogul’s entertainment company, Roc Nation, announced the launch of its venture capital firm, ARRIVE. The investment platform will offer an array of services to early stage startups, including “brand services, business development, advisory and capital to drive growth in their organizations,” according to a press release.
“ARRIVE was created to leverage our experience and resources in building brands, developing consumer facing businesses, managing artists and representing athletes,” Neil Sirni, Roc Nation’s head of new ventures, said in the release. “We’ve opened that diversified, global range of expertise to a new vertical: entrepreneurs and their early stage businesses.”
The announcement of ARRIVE comes on the heels of last month’s reports that Jay planned to partner with firm Sherpa Capital to launch a venture capital fund. Jay’s reported VC fund is a separate endeavor from ARRIVE, Tech Crunch reported.
Just last month, Hollywood producer and executive Harvey Weinstein announced Jay Z as one of the co-producers of the forthcoming film adaptation of Lin-Manuel Miranda’s Broadway musical “In The Heights.”
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Source: HuffPost Black Voices