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Jay Z is going to use his new venture firm to invest in startups

With plans to expand.

 

Phillip Tracy

Streaming

Published Mar 6, 2017   Updated Mar 6, 2017, 6:18 pm CST

Arrive has arrived.

Jay Z’s Roc Nation announced on Monday the creation of Arrive, an investment company for startups. The rapper and businessman invested in Uber’s Series C back in 2013 when the company was valued at just north of $3 million. It is now valued at upward of $65 billion. His new venture capital firm will be looking to mimic that success by providing early stage startups with brand services, business development, advisory, and capital to help them grow, according to a Roc Nation press release.

“ARRIVE was created to leverage our experience and resources in building brands, developing consumer facing businesses, managing artists and representing athletes,” said Neil Sirni, head of new ventures at Roc Nation. “We’ve opened that diversified, global range of expertise to a new vertical: entrepreneurs and their early stage businesses.”

The new venture capital firm was formed alongside venture adviser Primary Venture Partners and GlassBridge Asset Management, which will “provide institutional and operational support.”

Arrive sounds like the first of many investment companies Roc Nation plans to create over the next few years. The entertainment company says it intends to focus on social media investing later this year and anticipates the launch of more traditional venture fund to support its existing portfolio of companies.

Roc Nation has some experience growing startups. In 2014 it created Tidal, a music streaming platform with the uphill battle of competing with iTunes and Spotify. Earlier this year, Sprint paid $200 million for a 33 percent stake in the service.

H/T TechCrunch

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*First Published: Mar 6, 2017, 6:17 pm CST