JAY-Z is Silicon Valley’s latest venture capitalist.
Business Insider reports that JAY is expanding his business to the world of startup investments by launching his own venture capital firm. Paperwork filed to the state of California last month reveals that Shawn Carter is creating a fund called Marcy Venture Partners, with the help of Roc Nation’s president Jay Brown and Walden Venture Capital's managing director Lawrence Marcus.
This news should come as no surprise, considering JAY may be the premier evangelist of black capitalism. “Financial freedom my only hope/Fuck livin' rich and dyin' broke/I bought some artwork for one million/two years later, that shit worth two million/Few years later, that shit worth eight million/I can’t wait to give this shit to my children,” he raps on the 4:44 track “The Story of O.J.”
The fund’s name is probably a dedication to the Marcy Houses, a public housing project where JAY grew up. JAY has rapped about the Brooklyn project throughout his career, and most recently discussed his upbringing there on the 4:44 track “Marcy Me.” “I'm from Marcy Houses, where the boys die by the thousand,” he raps.
Mr. Carter is no stranger to making big investments in companies outside of the music industry. Business Insider points out that he’s put stakes into the luggage company Away, the brokerage app Robinhood, and the private-jet company JetSmarter. He’s also an investor in Uber, and aside from Roc Nation owns the Champagne brand Armand de Brignac and is, of course, part owner of Tidal.