Nas Backed Tech Company Ring Sells For A Billion
(AllHipHop News) Nas' early investment in a technology company has potentially earned the rapper millions of dollars.
The rap star's Queensbridge Venture Partners was an early investor in Ring, which manufactures WiFi cameras and doorbells.
Earlier this week, Ring announced it had been acquired for $1 billion by Amazon, creating a windfall for Nas" VC firm, which was among the earliest investors in the company.
In addition to Queensbridge Venture Partners, other investors included Richard Branson and Upfront Ventures.
Over the past several years, Ring has gained traction in the market, scooping up over 2 million customers, while pulling down over $160 million dollars in revenue in 2016.
According to the LA Times, the sale of Ring is the biggest exit for a Los angeles-based company, since the sale of Dollar Shave Club for $1 billion in 2016.