Move Over JAY-Z & Diddy, Nas Destined For Forbes Spot After Amazon Spends $1 Billion On His Company
New York rapper Nas is proving patience is key. The hip-hop veteran is reportedly enjoying some low-key major success courtesy of digital retail giant Amazon spending billions on a tech company he's behind.
This week, Amazon spent over $1 billion to acquire video doorbell startup Ring which Nasty Nas has a direct tie to.
The deal, announced on Tuesday, gives Amazon a prominent home security company and, potentially, more tech firepower in its push to allow its delivery people to drop off packages inside buildings, where thieves can’t easily steal them. The terms of the acquisition were undisclosed, although news site Axios reported that Amazon likely paid more than $1.2 billion. (Fortune)
According to reports, Nas' business company is behind backing Ring.
His Queensbridge Venture Partners was an early investor in tech company Ring, which manufactures WiFi cameras and doorbells, and has now potentially earned him a pretty substantial amount of money in the millions of dollars. It was announced earlier this week that Ring had been acquired by Amazon for $1 billion, therefore creating a windfall for Nas' VC firm, who, alongside Richard Branson and Upfront Ventures, were an early investor in the company. (Joe UK)
Ring already has millions of customers and pushes for people to turn their cribs into smart home havens.
Ring doorbells are already being used by 2 million customers. Its improbable success comes five years after its founder, serial entrepreneur Jamie Siminoff, was rejected on the TV show "Shark Tank." But the company proved there was demand for video-enabled doorbells, which enable users to see outside their homes via smartphone or computer. The technology provides a sense of security and a salve for one of the most nagging problems in the e-commerce era: package thieves. (Los Angeles Times)
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