Transforming their chart-topping melodies into lucrative investments, The Chainsmokers' Alex Pall and Drew Taggart are rewriting the script of their career.
Their latest encore is a foray into the high-stakes world of venture capital. Pall and Taggart in 2020 launched Mantis Venture Capital, a fund that invests in early-stage tech startups, with a $35 million infusion from a group of high-profile backers like Mark Cuban.
The firm has since built a robust portfolio and diversified it across healthcare, education, finance and, of course, music, among other industries.
"'The Chainsmokers are a huge success. You’ve already made it as musicians! Why not leave it at that?' Sigh," Pall wrote in a recent LinkedIn post. "Thanks for the compliment? Yes, we could take the easy route, enjoy our success, and ride out the wave, but what’s the #1 thing they teach you about investing? Diversify your portfolio."
Drew Taggart (L) and Alex Pall (R) of The Chainsmokers.
c/o Press
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"Also, we are both full blown workaholics, drunk on the idea of having purpose…" he continues. "Investing offers us a way to capitalize and expand upon our success, not go in a new direction. We’ve never been the types to settle with status quo, not when we’ve got more to offer."
According to Mantis, the fund has now invested in over 100 companies. Among their more ambitious plays are a $23 million stake in Austin-based fintech company Hearth and a significant contribution to the $55 million Series A round for 3LAU's Royal.io, a platform where retail investors can purchase the right to earn royalties from music streams. You can read more about why he launched the innovative company in our recent interview feature.
"So, that’s why we’re doing this," Pall concludes. "We’re carrying the principles of what made us successful as musicians into venture capitalism. Same strategy, different sport."
Find out more about Mantis and the fund's portfolio here.
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Tagsterms:Venture CapitalThe ChainsmokersInvestingAlex Pall
By Jason Heffler
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