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.