Sean “Diddy” Combs, an African-American singer and businessman, has invested $2 million in REC, a Philadelphia-based startup, as the firm moves to launch new operations in the United States.
The $2-million investment will help REC’s current expansion plans through its partnership with Diddy, as it prepares to call Miami its second home with the launch of REC Miami.
“Our goal is to make sure that independent creators have the information, tools, and resources needed to win and level the playing field,” Diddy said. “This partnership is about the future of the creator economy and helping REC expand to serve more creators in cities and countries around the world.”
REC will open a 12,000-square-foot creative facility in Miami with multiple recording studios, video production studios, editing bays, podcast studios, dance studios, design studios, an event venue, a co-working space, and the in-house production equipment required to create high-quality media under the new partnership agreement with Diddy’s company, Combs Enterprises.
With this latest investment, REC joins Combs Enterprises’ portfolio of assets, and it will use REC’s spaces and creative talent to amplify the brands under his umbrella.
Founded in 2015 by Dave Silver and Will Toms, REC Philly provides resources, guidance, and services to Philadelphia creators in a 10,000-square-foot space. It presently has more than 1,000 active members and brand partnerships with Live Nation, Comcast, and Cash App.
Diddy, who built his catalog as a musician, derives the majority of his wealth from his partnership with Diageo to create Ciroc vodka, a move that saw him take the helm of Ciroc in 2007, steering the brand from minor player to multi-billion dollar brand and major phenomenon.
Forbes estimated his net worth to be $740 million in 2019. He is also ranked 14th on Forbes’ list of the highest-paid entertainers in 2022.
Photo: Reckless Dream Photography – Diddy 23 CC BY 2.0
