JAY-Z and Will Smith have invested in a new app billed as the Airbnb for campers.
Bosses at the firm Hipcamp, whose app offers adventurers the chance to book pitches with those owning land to rent across the U.S., announced the pair were investing in their firm through their respective venture capital funds on Tuesday.
“Today, I’m beyond honored to welcome Marcy Venture Partners and Dreamers Fund to the Hipcamp community,” Hipcamp founder and CEO Alyssa Ravasio wrote in a blog post on the company’s website.
Jay-Z co-founded Marcy Venture Partners with Roc Nation president Jay Brown and Silicon Valley investor Larry Marcus last year.
In a statement announcing the firm’s investment, Marcus said: “Marcy Venture Partners is about investing in culture and where people’s passions, time, and attention are headed. Hipcamp is on the forefront of culture, creating meaningful and joyful experiences with the outdoors.”
Smith also launched his investment vehicle in 2018, partnering with Japanese soccer star Keisuke Honda, as well as businessmen Kosaku Yada and Takeshi Nakanishi to create Dreamers Fund.
Yada added: “Spending more time outside has an undeniable, positive impact on people’s lives, and we’re so excited to support Hipcamp in their mission to get more people enjoying fresh air.”
Welcoming the 99 Problems rapper and the Aladdin star’s investment, Ravasio hailed the pair as two of the “world’s most influential cultural leaders”.
The pair’s investments have helped Hipcamp obtain $25 million (£20.7 million) in their latest round of fundraising.