Jay-Z Is Venturing Into The Fitness World With His Latest Investment
Jay-Z’s next business move is a step into the fitness world. His investment firm Marcy Venture Partners has teamed up with former MLB baseball player Adrian Gonzalez to put money in the Los Angeles-based LIT Method. The fitness company was launched by Justin and Taylor Norris back in May 2020 after the duo created the LIT Strength Machine, an all-in-one water rower, Pilates reformer, and resistance band training system.
Larry Marcus, co-founder and managing director of Marcy Venture Partners, spoke about the new investment in a statement. “Justin and Taylor are tenacious and adaptive entrepreneurs with so much drive and passion,” he said. “Their engaging content, motivating style, and innovative equipment are a winning combination.” Justin and Taylor also discussed the new investment in a statement of their own. “Having Marcy Venture and Adrian Gonzalez as partners in this mission means we can support the growing demand for the machine, expand our product line, and make our method accessible to people across the country,” they said.
The move comes after Jay-Z sold half of his company Ace Of Spades champagne to LVMH for an undisclosed amount. According to the rapper himself, the decision was motivated by the brand’s growth, which surpassed the expectations and expertise it already had. Jay later sold his streaming service, Tidal, to Twitter CEO Jack Dorsey’s Square for $297 million in cash and stocks. In exchange, Jay was given a seat on the mobile payments company’s board.