DJ duo Chainsmokers leads funding round for mortgage-lending startup

The EDM group plans to invest $50M through a new venture fund

National /
May.May 15, 2020 10:00 AM
 The Chainsmokers' Alex Pall and Drew Taggart (Photo by David Rosenblum/Icon Sportswire via Getty Images)


The Chainsmokers’ Alex Pall and Drew Taggart (Photo by David Rosenblum/Icon Sportswire via Getty Images)

Popular DJ duo Chainsmokers is switching tracks with a plan to invest in startups — beginning with $10 million in mortgage lender LoanSnap.

The Grammy Award-winning musicians Alex Pall and Drew Taggart had invested their personal funds before, but now they are taking it to a new level. Through a venture fund, Mantis, the two plan to invest $50 million in total, according to Bloomberg.

The pandemic has given the duo a chance, for the first time in eight years, to “kick back and really focus on other things,” Pall told the outlet.

“Interest rates are going to historical and unprecedented lows,” said Taggart, to explain the reasoning behind the investment in Loansnap. The firm is led by Karl Jacob, whose LinkedIn page describes him as a “serial entrepreneur.” Loansnap raised $17 million in previous funding rounds, according to PitchBook.

Over the past several years, as his band grew in popularity, Taggart purchased four homes in Los Angeles — the latest one, a chic modernist pad, came with a $12 million price tag in the Hollywood Hills.

[Bloomberg] — Georgia Kromrei


Related Articles

arrow_forward_ios
New York City Comptroller Brad Lander (Office of New York City Comptroller Brad Lander, iStock)
Office occupancy in New York finally hits 40%
Office occupancy in New York finally hits 40%
(iStock/Illustration by The Real Deal)
Real estate agents landed $3.9B in PPP loans: report
Real estate agents landed $3.9B in PPP loans: report
(iStock/Illustration by The Real Deal)
Leisure, hospitality, construction lead strong May job gains
Leisure, hospitality, construction lead strong May job gains
Industrial real estate (iStock)
U.S. industrial vacancy falls to 27-year low
U.S. industrial vacancy falls to 27-year low
(Getty, iStock; Photo-illustration by Kevin Rebong for The Real Deal)
Crashing the party: New SPAC rules could slash proptech deals
Crashing the party: New SPAC rules could slash proptech deals
Lendlease’s Sara Neff, Fifth Wall’s Jennifer Place, Shadow Ventures’ KP Reddy, Gary Gensler of the SEC (LinkedIn, Fifth Wall, Shadow Ventures, SEC, iStock)
SEC’s climate proposals are “wake-up call” for real estate
SEC’s climate proposals are “wake-up call” for real estate
(iStock, Illustration by Kevin Cifuentes for The Real Deal)
Office occupancy hits pandemic high
Office occupancy hits pandemic high
The Weeknd and the 33,000-square-foot Bel Air mansion (Getty, Google Maps)
A look inside the homes of pop star The Weeknd
A look inside the homes of pop star The Weeknd
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...