Jay Z is launching a venture capital fund

Jay Z and Brown will reportedly be teaming up with Sherpa Capital, whose website says they support "the most promising emerging technology-enabled companies, helping them become global brands beloved by their customers".

According to Axios, Beyoncé's husband's as-yet-untitled fund will likely focus on seed-stage tech investments. The news comes from Axios who reports that Jay is launching the effort with Roc Nation president and close business associate Jay Brown.

Jay Z is further extending his portfolio of endeavors.

A rep for Jay Z didn't immediately respond to a request for comment.

And of course, the 47-year-old is also co-owner of Tidal streaming services. The two are overseeing a $100 million venture capital fund. Still, Tidal is struggling to compete against chief rivals like Spotify, which has already topped 40 million paying subscribers compared to Tidal's three million. In 2012, Roc Nation invested an undisclosed amount in a company called Viddy, a company unofficially dubbed "Instagram for video".

Jay Z is no stranger to the tech landscape. He's also invested in JetSmarter and Uber, according to Crunchbase, which collects VC investment data.