Jay-Z is regarded as one of the most legendary rappers in the Hip-Hop world. On top of his musical prowess, Hov is also a smart businessman and is worth over a billion dollars for good reason. He also realizes that people love to gamble.
Jay-Z was among the names linked to a takeover of the NFL’s Denver Broncos in a lucrative $4 billion. This would have made Jay-Z the first-ever black owner of an NFL team.
Unfortunately, that ultimately did not happen as it was said that Jay-Z had no interest in investing so much money into the Denver Broncos in the first place. Instead, he decided to invest a lot of money into a smart-home company.
Now it seems the music mogul has decided to invest $19 million in the payment company Flowhub as he is stepping foot inside the marijuana industry along with venture firms Headline and Poseidon.
Valued at $200 million, Denver-based Flowhub helps cannabis dispensaries process payments and has raised a total of $50 million to date. While speaking to Forbes, Flowhub founder and CEO Kyle Sherman talked about Jay-Z’s investment into the business.
“When Jay says, ‘I’m not a businessman, I’m a business, man,’ it’s true. “He’s got incredible business acumen—he really knows how to surround himself with brilliant people and build great companies.
We are thrilled to announce this capital raise. Headline is an incredible Silicon Valley-based venture capital firm, Poseidon is a pioneer investor in the cannabis industry and JAY-Z is a cultural and creative global force no matter the industry he is involved in.
I couldn’t think of a better group to be working with as we take this company to the next stage. This funding not only underscores the significant value that Flowhub provides to our customers, but also the maturation of the cannabis industry at large. We remain committed to developing innovative products that help our retail customers run better businesses.”
Jay-Z will continue to shine in any business venture he sets his mind to and that is unlikely to change anytime soon.
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