Hip hop’s first billionaire, Jay-Z, is shattering the glass ceiling yet again. This time with his venture capital firm, Marcy Venture Partners (MVP), a San Francisco based VC co-founded by Jay-Z, his long time business partner, Jay Brown, and Larry Marcus. According to Forbes, MVP has raised $85 million toward its fund and SEC filing documents show the VC firm has a total of 54 new investors. Does this mean the business mogul has something new in the works?
Although only time will tell — MVP has already invested in a number of startups last year. According to Crunchbase, the VC invested in Wheels, an electric transportation company, and Hungry Marketplace, a food tech company. The firm also led the $70 million funding round for Rihanna’s Savage X Fenty lingerie brand.
Jay-Z and his team are not new to the business of investing. In its early stages of funding, Jay-Z invested in Uber, and Larry Marcus, a seasoned investor, has invested in industry giants like Netflix and Pandora via Walden Venture Capital.
It seems as though Jay-Z may be executing a master plan, and we can’t wait to see how MVP allocates its new fund.