Alex Pall and Drew Taggart, the duo known for The Chainsmokers, an electronic DJ and production company, are set to launch their venture capital as they have secured $35 million for investment. Named Mantis, the platform will work as an early-stage VC firm. Notably, the duo have already got support from big names like Mark Cuban, Keith Rabois and Ron Conway.
Interestingly, the firm has made a couple of investments already as it started to figure out the financing sources earlier in the year. Mantis has already invested in fitness app Fiton and mortgage-lending startup LoanSnap. While The Chainsmokers are known for investment in startups in the past as well but this is for the first time they are directly involving through their own VC platform.
Taggart, speaking about their investment in LoanSnap tells that he and Pall were impressed by LoanSnap’s promise to process loans more efficiently than other lenders. By getting involved in the company, all sides also recognized a massive press opportunity for LoanSnap at a time when COVID was hitting and there were going to be billions of dollars in refinancing going on that [the company] wanted to participate in.”
On the reason for starting their own VC firm, Pall says that “We thought that maybe if we institutionalize this process, we’ll discover a lot more opportunities out there for us to work with dynamic founders and interesting founders who are going to change the landscape of tomorrow.”
The duo have already co-founded a ticketing platform called Yellowheart which is powered by blockchain. It will be interesting to see how they take Mantis forward.
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