The entertainment agency's Arrive unit, which hasalready backed Robin Hood and Ethos, has raised $20m for a investment fund with a $40m target.
Arrive, the investment and startup services entity formed by US-based entertainment company Roc Nation, has collected $20m for a dedicated corporate venturing fund, according to a regulatory filing.
Arrive Opportunities Fund I has raised the capital from a single unnamed investor, and is targeting a close of $40m according to the filing.
The fund is part of the company’s investment platform, Arrive, which launched in March 2017 to provide funding, advice and brand services to early-stage companies.
Venture capital firm Primary Venture Partners is advising Arrive, with GlassBridge Asset Management, a subsidiary of holding company GlassBridge Enterprises, also offering support.
In February 2018, Arrive provided an undisclosed amount of funding for financial trading platform Robinhood, before taking part in a $35m series B round for life insurance provider Ethos last month.
Founded by music producer Shawn ‘Jay-Z’ Carter in 2008, Roc Nation provides songwriting, producing, music publishing, merchandising and music label services.
