Jay Z is reportedly starting up his own venture capital firm.
According to Axios, the rapper and entrepreneur is planning to launch a venture capital fund with his longtime business partner and president of Roc Nation, Jay Brown. Colloquially known as "VC", venture capitalism is a form of investment which, by definition, carries with it a strong element of risk. Sprint, the mobile phone carrier, recently bought a third of his Tidal music service, which streams tunes in high-fidelity audio files.
CNBC quotes start-up investor Jon Vanhala as saying that performers like Jay Z in many ways see themselves in the start-ups in which they invest.
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Tidal wasn't his first foray, however.
Jay Z is no stranger to the tech landscape. Since 2012, Shawn Carter and Brown have invested in tech start-ups. The company now has a $1.5 billion pre-money valuation. The company failed a few years after the investment, but eventually rebranded as SuperNova before it was sold to Fullscreen for an estimated $US15 million ($19 million). He's also invested in JetSmarter and Uber, according to Crunchbase, which collects VC investment data.