According to Axios, the Brooklyn mogul is launching the venture capital fund with business partner and Roc Nation president Jay Brown. Jay Z and Brown are reportedly teaming up with Sherpa Capital for the VC launch. And, as Sherpa will not be leading investments, Hov and Brown are still looking for a third, full-time investment partner.
The venture capital fund will likely focus on “seed-stage opportunities.” The launch is intended to build on Jay Z and Brown’s previous joint investments, including their involvement with Uber’s Series B. The Blueprint rapper has also invested in several other companies, including JetSmarter, and of course, he’s the co-owner of TIDAL. Congratulations to the two Jays on their continued success.