Wednesday, September 16, 2020

The Chainsmokers launch their own VC fund with $35m to invest | Music Ally

Concerts with disputed social-distancing safety measures didn’t work out so well for EDM duo The Chainsmokers. Perhaps venture capital will go better.

Alex Pall and Drew Taggart are launching an early-stage VC firm called Mantis, with backing from some Silicon Valley luminaries including Mark Cuban, Keith Rabois and Ron Conway.

TechCrunch reported that Mantis’s debut fund already has $35m, and there have already been investments in fitness app Fiton and mortgage-lending startup LoanSnap.

It’s not an entirely surprising move: The Chainsmokers have been investing in startups for a few years now, according to the article.

“We thought that maybe if we institutionalize this process, [we’ll discover] a lot more opportunity out there for us to work with dynamic founders and interesting founders who are going to change the landscape of tomorrow,” said Pall.

The pair also co-founded a blockchain ticketing startup called Yellowheart in October 2019.

Stuart Dredge


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