- Lil Yachty and Bhad Bhabie have invested in a members-only app for Jewish singles called Lox Club.
- The rappers launched a VC firm, Scoop Investments, in order to back the app, Rolling Stone reported.
- Lox Club started out as a joke, its founder, Austin Kevitch, told The New York Times.
- See more stories on Insider's business page .
Lox Club calls itself a dating app for "Jews with ridiculously high standards." And now it has some buzzy celebrity backers: rappers Lil Yachty and Bhad Bhabie.
The rappers were so smitten with the app, in fact, that they created a whole VC firm in order to invest over seven figures in it, Rolling Stone reported .
In an interview with Rolling Stone, Adam Kluger, who manages both rappers, said that he was prepared to invest in the app by himself — but when Lil Yachty and Bhad Bhabie heard about it, they wanted in the deal too. As a result, they along with three other executives launched Scoop Investments.
"Yachty and Bhabie saw the passion when I was talking about" the app, Kluger told Rolling Stone, "and everyone started asking me questions."
Lox Club started out as a joke, its founder Austin Kevitch told The New York Times in December. But it soon became a phenomenon. Vogue referred to the app as the "Jewish Raya," in reference to Raya, another members-only app that has reportedly drawn celebrities such as Ben Affleck and Channing Tatum. Rumors floated that the singer Charlie Puth was on Lox Club.
Lox Club now has three subscription tiers: $36 for three months, $60 for six months, or $96 for a year. Despite the app's tagline, its members do not have to be Jewish.
Aside from Lox Club, Lil Yachty and Bhad Bhabie are on the hunt for two or three more investments by the end of the year, according to Rolling Stone. Lil Yachty has already dabbled in other business ventures, such as his nail polish line Crete .
"We're looking for opportunities that are financially sound, but we also need to make sure that at least two members of our group could really quarterback an investment and add value," Kluger told Rolling Stone.
Via PakApNews