- The Chainsmokers have launched a new venture capital firm called Mantis, which has $35 million in commitments from investors like Mark Cuban, Keith Rabois, Jim Coulter, and Ron Conway
The odds are pretty high that you have heard a song by Alex Pall and Drew Taggart (known as The Chainsmokers) as their songs have billions of listens on Spotify, Apple Music, Pandora, etc. Some of their most popular songs include Closer (featuring Halsey), Something Just Like This (featuring Coldplay), Don’t Let Me Down (featuring Daya), and Roses (featuring ROZES).
Forbes estimates that The Chainsmokers have a net worth of $68 million as of June 2020 and they are ranked #21 in the 2020 Celebrity 100 Earnings. And now the Grammy Award-winning artist/producer duo are getting into the early-stage venture capital game by launching a new firm called Mantis — which has received $35 million in commitments, according to TechCrunch.
Some of the prominent investors who are providing commitments include Mark Cuban, Keith Rabois, Jim Coulter, and Ron Conway. Mantis has already made investments in companies like Fiton and LoanSnap.
The Chainsmokers were interestingly inspired by Jimmy Buffett. Buffett is known for launching several businesses to capitalize on his fan base such as the Margaritaville restaurant chain and retirement communities in Florida.
Along with running their own production studio, Pall and Taggart are also stakeholders in JaJa Tequila and they co-founded a ticketing platform last year called Yellowheart.
Adam Alpert, the manager of the The Chainsmokers and head of Disruptor Records, partnered with Quadio to launch a label that is focused on younger artists.
The day-to-day operations of Mantis will be managed by two general partners Milan Koch and Jeffrey Evans. Evans previously founded a company called TigerText (now known as TigerConnect) and Koch previously worked as a managing director at AngelHack.