Roc Nation, Jay Z’s multinational entertainment company, are branching beyond their far-reaching entertainment business to invest in building up startup companies.
Roc Nation is the giant entertainment company started in 2008 by Jay Z and Jay Brown, and is now responsible for massive global artists like J Cole, Rihanna, Future and many others. Roc Nation are now expanding beyond their artist management, record label, touring, film & TV businesses to launch ‘Arrive’, a startup investment platform to help new companies progress.
Roc Nation’s head of new 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. We’ve opened that diversified, global range of expertise to a new vertical: entrepreneurs and their early stage businesses.”
Rumours spread last month that Jay Z and Roc Nation President Jay Brown were getting into venture capital. The New York venture capital firm, Primary Venture Partners, will serve as venture advisors to the fund whilst GlassBridge Asset Management will provide “institutional and operational support”.
Primary Venture Partners co-founder Ben Sun spoke on the partnership, saying: “What Roc Nation has built so far is a true testament to their vision, capabilities and willingness to dig in and take their companies to the next level. We are thrilled to partner with the amazing team at Arrive and to leverage these unique resources to build the next generation of powerful brands.”
It’s not yet clear how large the funding provided by Roc Nation will be. Business Insider have reported on Jay Z’s interest in startups in the past, showing that his portfolio includes private jet startup JetSmarter, luggage company Away and nail parlor company Julep.