Uncategorized
Arts / Venture capital

Jay Z shares plans for his new venture capital fund

The Roc Nation head will be looking for hits of a different kind.

Flushing Avenue's Shawn Carter is looking to increase his role in the tech sector. (Image via YouTube)

Jay Z has had an ear for hits in music, now the question is whether he can do the same in tech.

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,” reports Business Insider.

https://www.youtube.com/watch?v=U2UneYEaY-s

Jay Z, whose government name is Shawn Carter, grew up in the Marcy Houses, a housing project in Bedford-Stuyvesant in the 1980s and ’90s. Carter helped in lobbying efforts and public relations to get the Barclays Center built in Downtown Brooklyn.

His old neighborhood has changed since his childhood. Just blocks from the Marcy Houses, in what used to be a dangerous area, there are now one-bedroom apartments in renovated factories going for $3,000/month. In fact, the factory next to the Marcy Houses, which used to house the Pfizer Corporation before it moved out, has now been reborn as a hub for startups. The building serves as the headquarters for food startup coworking space FoodWorks, dev bootcamp Per Scholas, body sensor startup Notch and indoor farm Verticulture.

Carter is not new to startup investing. He’s invested in at least six young companies, including in Uber’s Series B round, back in 2011. Uber’s valuation coming out of that round was $300 million. It’s now believed to be valued at $62.5 billion, so that, uh, has done well.

Business Insider reports that “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.'”

Series: Brooklyn

Before you go...

Please consider supporting Technical.ly to keep our independent journalism strong. Unlike most business-focused media outlets, we don’t have a paywall. Instead, we count on your personal and organizational support.

3 ways to support our work:
  • Contribute to the Journalism Fund. Charitable giving ensures our information remains free and accessible for residents to discover workforce programs and entrepreneurship pathways. This includes philanthropic grants and individual tax-deductible donations from readers like you.
  • Use our Preferred Partners. Our directory of vetted providers offers high-quality recommendations for services our readers need, and each referral supports our journalism.
  • Use our services. If you need entrepreneurs and tech leaders to buy your services, are seeking technologists to hire or want more professionals to know about your ecosystem, Technical.ly has the biggest and most engaged audience in the mid-Atlantic. We help companies tell their stories and answer big questions to meet and serve our community.
The journalism fund Preferred partners Our services
Engagement

Join our growing Slack community

Join 5,000 tech professionals and entrepreneurs in our community Slack today!

Trending

Get a snapshot of Baltimore's latest housing, job and business trends with this new easy-access tool

Technically Media