Jay Z is launching a new venture capital fund, as Rolling Stone points out. It’s called Arrive, and it is a collaboration between Jay’s Roc Nation, Primary Venture Partners, and GlassBridge Asset Management. According to a press release, Arrive will invest in startup companies, “providing them with brand services, business development, advisory and capital to drive growth in their organizations.”
In a statement, Roc Nation’s Head of Ventures Neil Sirni said, “Arrive was created to leverage our experience and resources in building brands, developing consumer facing businesses, managing artists and representing athletes.” The press release also indicates that Roc Nation will “focus on social impact investing,” beginning later this year.
In the past, Jay Z has invested in several technology companies himself, including Uber, JetSmarter (an “Uber for private planes” application), and his streaming service Tidal. His Roc Nation has also opened up a sports division that represents athletes.