Nas is a legend when it comes to hip-hop, but his prowess as an investor outside of music is just as impressive.
Take for instance one of his investments, Ring. The New York emcee’s QueensBridge Venture firm was one of the first to invest in the company specializing in video-doorbell services, security cameras, and home security systems. Now, that imprint has sold to Amazon, and for some serious cash.
According to Axios, Amazon shelled out $1.2 billion for Ring.
You read that right: $1.2 BILLION.
The online retailing giant has reportedly been focusing on the smart home industry heavily as of late, putting their name on in-home delivery services and AI speakers. Ring released a statement after the reported acquisition.
“Ring is committed to our mission to reduce crime in neighborhoods by providing effective yet affordable home security tools to our Neighbors that make a positive impact on our homes, our communities, and the world. We’ll be able to achieve even more by partnering with an inventive, customer-centric company like Amazon. We look forward to being a part of the Amazon team as we work toward our vision for safer neighborhoods.”
It’s unclear how much Nas and his investment firm stand to gain Ring’s sale, but we’re sure it’ll be a pretty penny. He currently has investments in Lyft, Dropbox, Genius and SeatGeek, among others.
Ring was rejected by Shark Tank. The founder asked for $700k at a $7M valuation in 2013 and it just sold to Amazon for $1B+.— Web Smith (@web) February 28, 2018
Interestingly, Ring was featured on the popular NBC program Shark Tank back in 2013. At the time, company heads were requesting $700,000 for a 10 percent stake in the company and all investors on the episode turned it down. Sounds like Nas should replace Mr. Wonderful, at least for a few tapings.
Congrats to Nas on his newest bag.
Photo: Johnny Nunez/WireImage