If you’re waiting for Jay-Z to slow down when it comes to his money moves, you’ll probably be waiting a long time.
According to a press release, his latest business venture is with Phoenix Suns’ Chris Paul as the two businessmen have helped raise a $3 million investment round for Misha’s Kind Foods — a vegan cheese brand. The seed funding round included participation from Jay-Z’s Marcy Venture Partners (MVP) firm, Paul and branding firm Lisa Shamus & Partners.
“The mission of Misha’s directly aligns with our values,” said MVP Co-founder Jay Brown in a press release. “When we first discovered Misha’s we found some immediate synergies. We embrace companies that value sustainability, empowerment, inclusivity, accessibility, convenience, health and wellness, and personal expression.”
Plant-based investments is far from new territory for both Jay-Z and Paul. According to VegNews, Jay-Z helped raise $300 million for Impossible Foods and has invested in other vegan brands such as Partake Foods, Oatly and SIMULATE. As a vegan himself, Paul is an avid supporter of plant-based companies. As AfroTech previously reported, Paul’s latest investment in Koia, a plant-based protein shake and smoothie company, will bring vending machines filled with their products to Historically Black College and University(HBCU) campuses.
Misha’s Kind Foods is a Black-owned plant-based, dairy-alternative company that was founded in 2018 by Chef Ian Martin and Aaron Bullock.
“These investors, and their enthusiasm, not only confirm the quality and excellence of our artisan cheeses, but they also align with our long-term vision and mission. We are here to serve the large community of cheese lovers, plant-based and not. Everything we make is kind to your body, kind to the planet and kind to your wallet,” said Bullock in a press release. “I’m confident having these investors at the table will be vital to the future growth of the company as they bring valuable cultural instincts, branding knowledge as well as operations and growth expertise.”
While currently based in Los Angeles, the $3 million investment will aid in the brand’s expansion in retail, their products and staff. According to Misha’s Kind Foods’ press release, the plant-based dairy market is estimated to reach $45 billion by 2027 and Misha’s Kind Foods offers a top of the line selection of vegan cheese spreads which could potentially position them to lead the market.