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, the VC firm co-founded by , and , raised $85 million for its first fund, according to a new .

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Marcy Venture Partners, which was founded last year and is based in San Francisco, focuses on consumer brands. Its name is a nod to Brooklyn鈥檚 Marcy Houses where Jay-Z grew up.

The firm has already made a number of deals. It鈥檚 invested in six companies so far, leading the rounds for three, according to Crunchbase. Its most recent investment was in electric mobility startup in October 2019, and the largest round it鈥檚 led so far was a $70 million round for singer Rihanna鈥檚 lingerie line . The firm鈥檚 first investment since it was founded in March 2019 was 鈥檚 $8 million in April 2019.

It鈥檚 a quick pace of investing for the first seven months of a VC firm鈥檚 existence, but the co-founders are no strangers to the world of venture capital.

Jay Brown, who co-founded with Jay-Z and served as its CEO until late last year, has invested in companies like and . Jay-Z, , is also known for backing high-profile companies like and . And Larry Marcus is a seasoned venture capitalist. He鈥檚 the director of , which invested in companies like and , and he backed companies like and as an angel investor, according to Walden VC鈥檚 .

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