As an investor in Uber and other startups, Jay Z is no stranger to the venture world. Now, the rap mogul and founder of entertainment company Roc Nation has taken it a step further. Arrive, a startup platform backed by Roc Nation, has raised $20 million toward a $40 million target for its Opportunities Fund I, per an SEC filing. The news comes after Roc Nation founded the platform earlier this year in collaboration with Primary Venture Partners and GlassBridge Asset Management.
The tech-focused investment platform made headlines in February when it invested in Robinhood, an investment app that allows users to trade stocks, ETFs and more. Robinhood joined the unicorn club in April 2017 and is currently valued at around $5.6 billion. Meanwhile, Jay Z (aka Shawn Carter) has previously backed luggage maker Away and private plane company JetSmarter.