Mantis Ventures, the venture capital firm co-founded by Alex Pall and Drew Taggart of the electronic DJ group The Chainsmokers, has raised $100 million in commitments for its third fund.
At $100 million, the firm’s newest fund is 20% larger than Mantis’s previous $80 million fund, a notable achievement at a time when many venture firms are struggling to maintain their existing fund sizes or secure new capital.
Mantis has invested in B2B companies, such as cybersecurity firm Chainguard and AI financial analyst startup Rogo, where the value of their celebrity status may not be immediately apparent.
While most celebrity VCs focus on consumer companies, Pall and Taggart told TechCrunch last fall that their primary interest lies in B2B startups, where they see significant opportunities.
The duo has found a way to use their fame to help their portfolio companies, nonetheless. The Chainsmokers have played private shows for nearly every Fortune 500 company, Pall said, and that experience has helped build a network that the firm is leveraging for customer introductions.
