DJ duo Chainsmokers leads funding round for mortgage-lending startup
The EDM group plans to invest $50M through a new venture fund
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