Jay-Z is one of the most influential hip-hop artists of all time. Over the years, the Big Pimpin’ rapper has developed into a true business magnate. Jay-Z, along with his wife, Beyonce, has remained a true cultural figure. Jay-Z appears to be investing heavily in the Madison-Reed cosmetics company’s expansion.
According to All Hip Hop, Jay-Z has backed a beauty business by investing millions in an investment fund, positioning the company for success. Madison Reed, a hair colour bar and retailer, revealed this week that it had raised $33 million in new cash from Sandbridge Capital and Marcy Venture Partners, the Brooklyn rapper’s venture capital arm.
Jay-Z has not made any public statements on his stake in the brand. Madison Reed products are offered in stores like Ulta and Ulta Beauty at Target, and the brand has a sizable recurrent client base online at Madison-Reed.com and Amazon.com. Amy Errett, Madison Reed’s CEO and Founder, addressed why the company is such a sure thing for investors.
Madison Reed was founded on the concept that salon-quality hair colour should be accessible, cheap, and manufactured with ingredients women can trust. We’ve accomplished this by demonstrating to women that Madison Reed products and services empower them with agency and autonomy when it comes to colouring their hair, whether at home or in one of our 60+ countrywide Hair Color Bar locations. We couldn’t be more delighted to partner closely with Sandbridge Capital and Marcy Venture Partners as we continue to expand our geographic and retail footprint. Their extensive retail and beauty experience will be important as we go into the next phase of our expansion.
Hov is a savvy businessman who is valued well over a billion dollars. Following numerous deaths in state detention, the Roc Nation representative recently took action. For years, Shawn “Jay-Z” Carter and Mario “Yo Gotti” Mim, as well as Roc Nation’s social justice arm, Team Roc, have raised awareness about the prison’s appalling conditions. The actions of the hip-hop moguls aided in the establishment of a federal investigation of the Parchman Farm detention facility. Take a look at the video below.