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JAY-Z Invests in Fitness Company LIT Method
JAY-Z is getting into the fitness business.
The billionaire mogul’s venture capital firm, Marcy Venture Partners, is investing in L.A.-based fitness company LIT Method, reports Page Six. The round also includes an investment from former Los Angeles Dodger and MLB All-Star Adrian Gonzalez.
“Having Marcy Venture and Adrian Gonzalez as partners in this mission means we can support the growing demand for the machine, expand our product line, and make our method accessible to people across the country.” said Justin and Taylor Norris, co-founders of LIT Method.
Launched in May 2020, the LIT Method combines strength training, cardio, and physical therapy using an all-in-one machine, which starts at $1,750. It can be used at home to perform over 500 low-impact exercises.
JAY-Z, along with Roc Nation’s Jay Brown and Larry Marcus, started MVP in 2018 and have invested in companies including Rihanna’s Savage X Fenty, StockX, Wyze Labs, and Pela.
This is the latest business move for JAY-Z, who recently sold a majority ownership stake in TIDAL to Square, Inc. In February, LVMH Moët Hennessy Louis Vuitton acquired a 50 percent stake in his champagne brand Armand de Brignac for an undisclosed amount.
In 2019, Forbes declared JAY-Z as hip-hop’s first billionaire. As of this year, his net worth was valued at $1.4 billion.