Snoop Dogg Invests in Klarna, A Swedish VC Firm
Rap icon, Snoop Dogg is investing in Klarna, a Swedish online payment platform. Klarna is now one of Europe’s largest banks and provides payment solutions for shoppers across 100,000 retailers in 14 countries. The unicorn is valued at more than $2.5 billion.
“I’ve been looking for an opportunity to expand my tech investment portfolio to Europe and seeing the way Klarna operates and how they challenge the status quo, I think it’s a match made in heaven,” Snoop Dogg said in a press release.
Snoop is set to be the face of the company’s latest “Smoooth Dogg” advertising campaign.
“Snoop is not only a rap legend, but also a successful businessman, with a genuine interest in tech, retail and e-commerce,” Klarna CEO Sebastian Siemiatkowski said in a press release. “Teaming up with one of the smooothest persons alive, opens new doors to Klarna as we grow and develop as a company.”
The rapper joins other artists like Jay-Z in the world of venture capital. Jay-Z’s firm Arrive targets early-stage startups in need of brand assistance and investment capital and raised $20 million in December. Arrive has invested in Robinhood, an investment platform now worth over $5 billion; Delviat, an audio technology company; Ethos, a modern life insurance startup; and Insite Applications, a company focused on location sharing technology.
Other rappers including Nas and Chamillionaire have also had success in venture capital. Nas’ firm, Queensbridge Venture Partners, has invested in Lyft, Casper, Genius, and Dropbox. Chamillionaire joined Upfront Ventures in 2015.