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Marcy Enterprise Companions, the enterprise agency cofounded in 2018 by Shawn Carter (Jay-Z), former Roc Nation CEO Jay Brown, and former Walden VC normal associate Larry Marcus, says it has closed its second fund with $325 million in capital commitments. The crew, which closed its debut fund with $85 million, is now managing $600 million in belongings altogether, says cofounder Marcus.
The agency describes itself as having a “client, tradition and optimistic impression” funding technique, and it says nearly all of its current portfolio corporations are based or run by individuals who determine as ladies or individuals of shade.
Up to now, the trio has written checks to a minimum of 21 corporations, together with in trend, skincare, and meals corporations. Amongst these many bets contains Rihanna’s lingerie firm Savage X Fenty; the sneaker market StockX; Therabody, which makes percussion remedy instruments; Simulate, which makes plant-based, chicken-flavored nuggets; and an allergen-free cookie maker referred to as Partake Meals.
Carter and firm have additionally begun investing in crypto tasks, supporting Bitski, a San Francisco-based startup NFT market, earlier this 12 months, and investing extra lately in spatial LABS (sLABS), a tech incubator that focuses on the metaverse and blockchain-based merchandise.
The San Francisco- and L.A.-based agency, named after the Marcy Tasks in Brooklyn the place Carter grew up, was initially focusing on $200 million for the latest fund, per an SEC submitting from April.
The agency is only one of many, many enterprise pursuits for Carter, after all. For instance, he owns half of the champagne model Armand de Brignac, recognized familiarly as Ace of Spades. He acquired the label for an undisclosed sum in 2014; in February of this 12 months, Moet Hennessy purchased half the corporate for phrases that weren’t disclosed.
Carter additionally owned Tidal, a streaming music service that he’d purchased in 2015 and renamed (and reshaped), earlier than promoting a “important majority” of the corporate to the monetary providers big Sq. for $297 million in money and inventory again in March. He launched Monogram, a hashish model, final December. And, after all, he famously based the sprawling Roc Nation, a full-service leisure firm that has its tentacles in all the things from artist and athlete administration, to labels, publishing, touring, movie, and tv, amongst different ventures.
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