Music Biz (Update) Rapper/Investor Nas Reportedly Made $40M After Amazon Acquires ‘Ring’ for $1.2B

Music Biz (Update) Rapper/Investor Nas Reportedly Made $40M After Amazon Acquires ‘Ring’ for $1.2B. That $40 Million has not been verified yet.

Nas’ business firm, Queensbridge Venture Partners, has invested in several companies over the past few years such as Lyft, Dropbox, Rap Genius, and SeatGeek. Ring, a company that specializes in video-door bell services, security cameras, and home security systems, was one of QueensBridge Venture’s earliest investments, and now the company has been scooped up by Amazon.

Amazon has been focusing on the “smart home” industry heavily recently, pushing items like their AI speakers and in-home delivery service to consumers worldwide. According to Axios, Amazon likely paid more than $1.2 billion for Ring. After the deal, Ring released a statement regarding the billion dollar transition.

Over the past few years, Amazon has invested heavily in the smart home, a highly competitive field that also includes Apple and Google’s Nest. The category includes everything from Internet-connected speakers that rely on voice recognition for answering questions to home security systems to door locks that can be opened with a smartphone instead of a key.

Just two months ago, Amazon acquired Blink, another maker of video doorbells. Like Ring, its products let homeowners glance at their smartphones to see a live feed of who is at their door.

Statement From Ring- “Ring is committed to our mission to reduce crime in neighborhoods by providing effective yet affordable home security tools to our Neighbors that make a positive impact on our homes, our communities, and the world. We’ll be able to achieve even more by partnering with an inventive, customer-centric company like Amazon. We look forward to being a part of the Amazon team as we work toward our vision for safer neighborhoods.”

Source: fortune.com Source: VladTV.com