Group forms the Machine Shop Ventures, which invests in promising companies in the technology sector.
RIO - not enough to be one of the most popular rock bands in the world, Linkin Park is looking for success in another area: technology. Two months ago, they launched the Machine Shop Ventures, a venture capital investor, who seeks startups that can mess with the consumer industry. According to CNNMoney website, the company has made three bets in carpooling platform Lyft, in free trading app in the stock market, and Shyp, a delivery application
This new attack is a milestone for the band formed in 1996, when the music was still distributed on cassette tapes and Google nor dreamed of birth. Linkin Park sees nothing strange in exercise rock band of paper at night and venture capitalist during the day. In addition, the group is attracted by the Silicon Valley.
- It feels like home there - says the site CNNMoney guitarist Mike Shinoda, highlighting the Silicon Valley culture is inspiring.
Shinoda recalls that the music industry is very difficult for the beginner. Arrivals have to work 80 hours a week, almost without play and with little money. On the other hand, tech giants such as Google and Facebook, are known to reward their talent and encourage them with excellent benefits like extra vacation and even geek table in the workplace.
- I identify more with these situations we are working with people who want to change the world. It is as if their aspirations were greater than just sell a record - says Shinoda.
But investments in technology are not new to the group. The band had already been invested in some startups, such as the Open Labs, which produces software and hardware players. Shinoda took money out of pocket to bet on the Spotify music streaming service Pandora and its rival, which is also advisor. The singer also invested in Sonos and North Technologies electronics company, a startup created by the founder of Digg, Kevin Rose.
- We are involved with technology for many years. We want to put your hands dirty and sit on the same side of the founders - says Shinoda to CNNMoney.
The Machine Shop Ventures declined to tell the site the amount of its initial fund, claiming it is "internal money". Kiel Berry, executive vice president of the company, says that the goal is to make 15-20 investments in the next two years.
"We are focused on finding companies in the early stages of growth on a global basis that aligns with the brand Linkin Park, connection with fans and innovation through technology and design," said Berry in an e-mail sent to CNNMoney .
Shinoda is proud to describe Linkin Park as the biggest band on Facebook and YouTube. The group has nearly 5 million subscribers on channel videos and their productions accumulate nearly 2 billion views.
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