Jay Z and the company formerly known as Imation Corp. are collaborating on a new subsidiary that will be part of Jay Z's entertainment company, Roc Nation.
Shawn "Jay Z" Carter is launching Arrive, a new platform company as part of Roc Nation. The new company will partner with a select group of early-stage start-up companies to offer brand and business development services and also may provide capital to support their growth.
Roc Nation represents music artists, songwriters and producers. Roc Nation Sports subdivision represents professional athletes.
This is the first collaboration announced by GlassBridge Asset Management, a new business that emerged from the longtime data-storage company Imation. According to a news release GlassBridge will provide Arrive with "institutional and operational support." A spokesperson for GlassBridge declined to elaborate on details.
Oakdale-based GlassBridge Enterprises' wholly owned asset management subsidiary, GlassBridge Asset Management, was created to focus on "technology driven and quantitative strategies." On Feb. 21, GlassBridge Enterprises formerly changed its name from Imation Corp.
Arrive was formed through a collaboration of Jay Z's Roc Nation, New York venture capital firm Primary Venture Partners and GlassBridge Asset Management.
"Arrive was created to leverage our experience and resources in building brands, developing consumer facing businesses, managing artists and representing athletes. We've opened that diversified, global range of expertise to a new vertical: entrepreneurs and their early stage businesses," said Neil Sirni, head of New Ventures at Roc Nation in a release announcing the deal. "Arrive also anticipates the launch of a traditional venture fund in order to, among other activities, support existing portfolio companies through their subsequent growth stages."
Primary Venture Partners, which is focused on seed investments of industry-transforming technology companies, primarily Enterprise SaaS and next generation commerce companies, will serve as the venture adviser to Arrive.