Jay-z, has decided to enter the world of venture capital. Axios‘ Dan Primack reported that he is planning on launching a venture capital fund along with Roc Nation President Jay Brown. Their looking for a third investment partner and have chosen to team up with Sherpa Capital, whose website says they support “the most promising emerging technology-enabled companies, helping them become global brands beloved by their customers.”
Jay-Z has been investing in tech startups since 2012. He and Jay Brown have invested in a couple of startups including Uber’s Series B, high-tech-luggage maker Away, nail-parlor company Julep, and private-jet startup JetSmarter. Jay-Z is also the co-owner of the music streaming service Tidal. Even though some of these businesses aren’t doing so good, Tidal was able to sell one-third of its stake to Sprint last month. The fund will also serve to help build some of their previous joint investments.