Nas-Backed Pharmacy Startup Bought by Amazon for $1 Billion
Last Thursday (June 28), Amazon announced a $1 billion acquisition of an online pharmacy startup named PillPack. The news makes a handful of investors in the company very rich, including none other than Nas.
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.
PillPack's pitch is to streamline access to medications. The company fulfills drug prescriptions with front door-shipping, while managing the payment and refill process with automated software. The acquisition boosts Amazon's growing efforts to expand into the health care market.
Nas, who released his latest album Nasir in June, is no stranger to seed investments. QVP, founded in 2014, previously invested in a cloud-based mastering company, a cricket protein bar manufacturer and a "smart doorbell" startup, among other ventures. Previous reports also included tech giants like Lyft and Dropbox in the firm's portfolio.
In other news, Jay-Z announced in June the launch of his own venture capital fund named after his own childhood public housing project, Marcy Venture Partners. We wish both rappers the best in all their financial pursuits.
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