The Chainsmokers Raise $35M For Mantis Venture Capital Fund: Report

The Chainsmokers
Danilo Lewis   

The Chainsmokers

Alex Pall and Drew Taggart of electronic music duo The Chainsmokers have raised $35 million in commitments for their early-stage venture capital firm, Mantis, TechCrunch reports.

That includes commitments from investment moguls like Mark Cuban, Keith Rabois, Jim Coulter and Ron Conway. The firm has already made a handful of investments since Pall and Taggart began fundraising earlier this year, including an undisclosed amount in the fitness app Fiton and $250,000 in the mortgage-lending startup LoanSnap, with an eye toward startups that would potentially benefit The Chainsmokers' young audience.

Their inspiration? Jimmy Buffett, the pair told TechCrunch, thanks to the iconic artist and entertainer's long history of launching numerous businesses that benefit and capitalize on his fan base, from his trademark hospitality giant Margaritaville to, more recently, retirement communities in Florida.

Pall and Taggart are no stranger to the business world: The duo own a production studio, are stakeholders in the spirit brand JaJa Tequila and last year co-founded the anti-scalper ticketing platform Yellowheart.

Meanwhile, today, The Chainsmokers manager and Disruptor Records labelhead Adam Alpert partnered with the social media and streaming platform Quadio to launch Quadio Records, a new label focused on college student artists.