Jay-Z might be the new go-to source for all things authenticated in the collectibles space.
According to Business Insider, the music and business mogul’s Roc Nation company has just invested in the transaction of Blackstone’s acquisition of the Certified Collectibles Group (CCG) — a company that authenticates collectible items such as comic books, magazines, trading cards and other items — which now values the company at more than $500 million.
The outlet reports that CCG estimates it has certified over 62 million of its collectibles, with a combined fair market value reaching roughly $50 billion. Blackstone — which Bloomberg describes as the world’s largest alternative investment firm — also reports that its shares were up 0.3 percent last Friday (July 2) and now hopes to “develop CCG’s digital presence, add employees, and branch CCG’s geographic reach.”
In addition to Roc Nation, other investors in the acquisition include but are not limited to Fanatics founder and executive chairman Michael Rubin, NBA player Andre Iguodala and Daryl Morey — President of Basketball Operations for the Philadelphia 76ers.
Jay-Z’s investments have more than contributed to his impressive net worth and his recent business moves have continued to bolster his business profile. As previously reported by AfroTech, the Hip-Hop icon is now backing a Black women-owned cannabis speakeasy as well as no-cost credit app Perch. Earlier this year, he also created a $10 million fund to invest in minority-owned cannabis startups to diversify the space for Black and brown entrepreneurs.
According to Neil Sirni — co-founder and president of Roc Nation’s venture capital company Arrive — any startups looking to snag an investment from Jay-Z should fall outside of Roc Nation’s traditional sectors and be in need of assistance that could help elevate their companies.
“We gravitate toward companies that we can provide meaningful assistance to but that are outside of Roc Nation’s core industries of music and traditional sports,” he previously told TechCrunch. “As a strategic investor, we never lead deals and always co-invest. Jay-Z approves every Arrive opportunity; he, Juan Perez, and Desiree Perez are overwhelmingly supportive of Arrive and what we’re collectively trying to accomplish.”