Jay-Z & Will Smith Invest In Startup That Helps Low-Income Renters Become Homeowners
The Grammy-winning rapper and legendary actor have joined forces to invest in startup Landis Technologies. The New York based company’s mission is to help those who are renting purchase a home.
Jay-Z joined the group of investors via Roc Nation while Will Smith contributed under Dreamers VC. They are two of multiple investors that brought in a total of more than $165 million.
The money will help buy roughly 1,000 homes, which Landis Technology will rent to low-income families until they’re approved for a mortgage, according to Bloomberg.
Its goal is to help 80 percent of its renters purchase a home in the first two years with special training programs on budgeting and improving their credit score.
Co-founder Cyril Berdugo said in a statement:
“Financial inclusion is really important to us. An aspect of Landis that we’re very proud to be a part of is wealth creation for low-income Americans. We make money when our client buys the house back. If we leave money on the table, that’s our problem.”
This isn’t the first time Jay-Z and Will Smith have invested in a company together. In 2019, they invested in Hipcamp, a platform taht referred to itself as the Airbnb of camping.
What are your thoughts on Jay-Z and Will Smith’s latest investment? Comment and let us know.