Jay Z's Roc Nation empire announced the formation of Arrive, a new faction of the company that will focus on nurturing promising startups.
In addition to housing an all-encompassing entertainment company, Jay Z's Roc Nation has also expanded into the world of music streaming with Tidal as well as representing athletes with his Roc Nation Sports division.
With Arrive – a partnership between Roc, Primary Venture Partners and GlassBridge Asset Management – the company has shifted toward venture capital, with the platform providing, as noted in a statement, "brand services, business development, advisory and capital to drive growth in their organizations."
"Arrive was created to leverage our experience and resources in building brands, developing consumer-facing businesses, managing artists and representing athletes," Roc Nation's Head of New Ventures Neil Sirni said in a statement. "We've opened that diversified, global range of expertise to a new vertical: entrepreneurs and their early stage businesses."
According to Business Insider, Jay Z is no stranger to investing early in startups, with luggage company Away, nail parlor company Julep and private jet provider JetStarter among the companies in his portfolio.
In addition to Arrive, Roc Nation will also spend 2017 focusing on socially responsible investing, though it's unclear which companies Arrive will initially invest in.
"What Roc Nation has built so far is a true testament to their vision, capabilities and willingness to dig in and take their companies to the next level," Primary co-founder Ben Sun said in a statement. "We are thrilled to partner with the amazing team at Arrive and to leverage these unique resources to build the next generation of powerful brands."