The Chainsmokers are making headlines for their new venture, Mantis, which even in its early stage has raised $35 million.
Big-name investors Mark Cuban, Keith Rabois, Jim Coulter and Ron Conway have all thrown down on Mantis, which ventures include fitness app Fiton and mortgage-lending startup LoanSnap.
Alex Pall and Drew Taggart have made names for themselves with their chart-topping hits, but low key they’ve been investing for several years. Mantis takes their entrepreneurial interests to the next level, along with partners Milan Koch and Jeffrey Evans.
In addition, The Chainsmokers co-founded YellowHeart which aims to put power into the hand of the performers and fans, to insure their purchase of authentic digital tickets.
Pall explains how they decide on their investments and it’s actually pretty simple — “I’d like to say that we were like thinking in this incredible way about the business at the time, but we were just like, ‘This is a really great product and we love the founder.’”
Interestingly enough, The Chainsmokers attribute their inspiration to Jimmy Buffett, who is well known for a number of business ventures — first and foremost as an artist, his signature chain of restaurants, Margaritaville, and more.
Read more here via TechCrunch.
This article was first published on Your EDM. Source: The Chainsmokers’ Venture Firm, Mantis, Raises $35 Million from Early Investors