The renowned artists, Chainsmokers have recently launched an investing firm, Mantis and are expected to invest about $50 million in startups. Musicians Alex Pall and Drew Taggart had already been investing from their personal capacities but now they are raising a venture fund. The pandemic will give them a chance to assess things better.
The duo has previously invested in Ember Technologies which made temperature-regulated drinkware. They also have a history in entrepreneurship with Yellowheart, a concert-related startup and even starting their own band is similar to building a business from scratch.
Influential personalities have previously launched venture funds as well and what makes it easier for them is they have a fan following which gives them access to competitive venture rounds at companies. The musician’s duo will use their connections to help their portfolio companies and will take a hands-on investment approach.
The road does not seem smooth for the live entertainment startup business and so Mantis is looking to invest in deals that will be profitable in the pandemic and beyond. One of the first investments the company is making is in a mortgage lending startup, Loansnap where they are co-leading the investment at $10 million with True Ventures. They further to increase their outreach to Fintech, consumer and media firms.