Rapper Pitbull looks to biotech for next investment

Though Pitbull made a name for himself in the world of music, he has emerged in recent years as a savvy investor and entrepreneur, and now has his sights set on diving into the biotech industry, as he shared during a recent interview with CNBC's Power Lunch.

The rapper, born Armando Christian Perez, was a partner in the eMerge Americas technology conference, hosted in his hometown of Miami on April 29 and 30, and a judge in the summit's Startup Showcase Finale.

"I always like to look at what’s going on in the biotech side of things," he said when asked about which eMerge participants he might invest in. "That's a field that is always going to continue to grow and people are always going to be looking for technology to make humans better or to be able to cure humans."

Pitbull also discussed why he prefers investing in startups rather than more established companies. "It allows us to really understand and evaluate what the outcome is going to be in the future and that to me is the best process because I love to see the journey and I love to see growth," he said.

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