Mantis Ventures, the enterprise capital agency co-founded by digital music duo The Chainsmokers, has secured $100 million in funding commitments for its third fund.
The brand new fund represents a 25% improve from Mantis’s earlier $80 million automobile, bringing the Los Angeles-based agency’s complete belongings beneath administration to $225 million, in response to TechCrunch.
Alex Pall and Drew Taggart, the artists behind hits like Nearer, Don’t Let Me Down, and One thing Simply Like This, function normal companions of Mantis alongside enterprise capital professionals and entrepreneurs Milan Koch and Jeffrey Evans. Evans based the report label Buskin Data and the cell communications platform TigerText, now often called TigerConnect.
The enterprise capital agency, based in 2019, invests in Seed & Collection A technology-enabled startups, in response to its web site. In 2020, Mantis secured $35 million in capital commitments for its debut fund.
Mantis’ portfolio incudes cybersecurity agency Chainguard Inc., sports activities betting platform Underdog Sports activities LLC, and AI monetary platform Rogo Applied sciences Inc. The agency additionally backed Coinbase World Inc. earlier than its public debut, Bloomberg reported.
Its early investments embody health app Fiton and mortgage-lending startup LoanSnap. Taggart instructed TechCrunch in 2020: “Once we began eight years in the past, our followers have been primarily all in school. Now they’re coping with paying again their school loans, and so they’re most likely making use of to purchase their first home, so an organization like LoanSnap looks like a type of startups whose companies our followers have grown into needing.”
“We’re prepared to do the issues that different entertainers or athletes merely aren’t.”
Alex Pall, The Chainsmokers / Mantis Ventures
Talking to Bloomberg lately, Pall stated: “We’re prepared to do the issues that different entertainers or athletes merely aren’t,” including that he’s not only a identify on the door, however a full-time investor. Pall stated he hopes Mantis exists till he’s “previous and wrinkly,” and if it doesn’t succeed, “I must look myself within the mirror and be capable of say it wasn’t as a result of I didn’t present up.”
Mantis lately opened a San Francisco workplace to enhance its Los Angeles headquarters, with many current investments concentrated within the Bay Space. Evans instructed Bloomberg that “the Bay Space has gotten its shine again.”
Along with their enterprise capital agency, Pall and Taggart have additionally been angel traders in corporations like Ember, a Los Angeles-based firm that produces temperature-controlled mugs.
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