According to Axios, Hov and Roc Nation co-founder Jay Brown plan to invest in young startups. The duo will reportedly work with Sherpa Capital on some of these investments, though they’ll have their own brand and will not use current Sherpa staff.
They are currently seeking a full-time venture partner, according to the report, given that Jay has other businesses to tend to, including his role as a superstar MC.
We hear that you can expect the focus to be on seed-stage tech opportunities, with this really being the institutionalization of Jay Z and Jay Brown's previous angel investing activities. For example, they both were in Uber's Series B, at a $300m pre-money. Other investments have included JetSmarter, plus his involvement and stake in music streaming service Tidal.
No word yet on fund size target, nor any comment from those involved (due to regulatory restrictions).
SOURCE: AXIOS