New York rapper Nas might have some serious money to blow. New reports claim retail powerhouse Amazon has purchased the hip-hop veteran’s backed pharmacy startup for $1 billion.
According to reports, Nasty Nas will likely receive a major payday after having one of his venture capital firm’s invested projects, PillPack, sell for a billi.
Queensbridge Venture Partners, the rapper’s venture capital firm, was an early backer of the Boston-based firm, along with VC heavyweights like Accel and Sherpa Capital. The sale will net the startup’s two co-founders around $100 million each, according to the Chicago Tribune. The size of Queensbridge’s stake is unclear, but it’s likely Nas is walking away with a solid chunk of money. (XXL Mag)
Additional reports claim PillPack personalizes shipments for people taking medications and streamlines the refill/co-pay process with automated pharmacy tasks.
The deal will give Amazon a nationwide drug network and bring it into direct competition with traditional pharmacy chains including Walgreens Boots Alliance Inc. and CVS Health Corp. PillPack is a niche player now, with more than 50,000 customers. But it also has pharmacy licenses in all 50 states and other infrastructure that could eventually help Amazon to expand broadly into the pharmacy arena. (Chicago Tribune)
Back in March, buzz developed about Amazon spending over $1 billion on Nas-backed company video doorbell startup Ring.
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)