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Jay Z is launching a venture capital fund

According to Axios, Hov and his business partner Jay Brown - who's also Roc Nation's president - are set to launch a venture capital fund.

Venture capitalists identify and invest in promising businesses-and Jay-Z definitely knows a thing or two about what's hot.

More news: Health premiums cut in half in pre-election BC budget

As with most projects involving the Carters, Jay Z and his fellow businessmen haven't publicly commented on the VC fund.

The focus will be investing in start-ups and technology companies, the site reported. (Hold your laughter, please.) Although premium socks are most certainly an absurd product meant exclusively for men who take long holidays on yachts, Stance has since raised $US116 million ($151 million), so things don't look too bad for Jay Z. Uber's valuation, of course, has since ballooned to $US66 billion ($86 billion). The serial entrepreneur will partner with his Roc Nation business partner Jay Brown. Since 2012, Shawn Carter and Brown have invested in tech start-ups. After a very rough start highlighted by three different CEOs in the first year alone, Tidal recently sold a 33 percent stake in the firm to Sprint Corp (NYSE: S) in a deal which valued the company at $600 million. It's still unclear whether Jay Z saw any return on his money, but if he did, it's likely to be meagre. He's also invested in JetSmarter and Uber, according to Crunchbase, which collects VC investment data.

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