DJs to General Partners: Chainsmokers’ New $100M Fund
College dropouts Alex & Drew just raised $100M for their VC firm focused primarily on tech-enabled startups. From that headline alone, you’d probably guess that they were multi-time exited founders or scaled a hot AI company out of Stanford.
Think again.
Consciously or not, you’ve probably heard their music on the radio. Alex Pall and Drew Taggart are Grammy Award winning DJs - better known as The Chainsmokers, topping the Billboard Hot 100 with hits like Closer ft. Halsey and Something Just Like This with Coldplay.
And on top of the list of musical accolades, they just closed a $100M Fund III for their venture firm, Mantis VC, bringing total AUM to $225M. Backed by the likes of Mark Cuban, David Blitzer, and Michael Rubin, they’ve made early bets on breakout startups like Kalshi, Whop, Bolt.new, and Underdog.
So how the hell did two DJs build such a compelling early-stage tech portfolio out there - with zero background in engineering or venture?
Mantis VC x The Chainsmokers have been successful for three main reasons:
CPG ≠ Celebrity: Celebrity VCs typically get boxed into consumer deals because it’s easy to leverage their socials to promote products. But the Chainsmokers think differently. Rather than limiting themselves to leveraging mass media presence for consumer plays, they’ve strayed from the mold, tapping into proprietary B2B deal flow - which historically have higher multiples and outsized growth.
They’re the Chainsmokers: Social recognition matters, and it scales. Startups gain instant credibility from the mass appeal associated with celebrity investors - creating deal flow that VCs simply can’t buy. It’s a two-pronged strategy: leveraging their personal brand has brought access to premium deal flow AND a select few startups get to name-drop that The Chainsmokers are on their cap table.
Built Relationships in Tech: While blue-chip VCs like Sequoia or a16z boast deep networks, these connections often overlap, making their relationships zero-sum competitive. In a TechCrunch interview last November, The Chainsmokers highlighted their unique advantage: a completely differentiated network that institutional VCs typically can’t tap into:
“Pall said that the Chainsmokers have played private shows for pretty much every Fortune 500 company. And while they didn’t think of it as building a network for investing at the time, they have since been able to connect their portfolio founders to these companies.”
Venture Content Distribution: With their strong pop-culture social followings, Alex and Drew still use their platform to add commentary to startups and various verticals they’re interested in. This unique combination of DJs also being thought leaders in cybersecurity - for example - has allowed them to become magnets of deal flow. Something about individuals who can sell out entire venues while also churning out though-provoking content on LinkedIn has been the right formula to be able to attract incredible founders.
The Chainsmokers are proof that in VC, relationships can rival traditional resumes. Their edge will only sharpen especially in a space where traditional advantages like a technical background and pedigree are becoming increasingly commoditized.
Sports-Tech Market Activity: Investors & Deals
Funds
Mantis Capital, the Chainsmokers-backed VC firm, closes Fund III at $100M raise (July 15th)
Mantis has previously successfully exited positions with acquisitions by Roblox, Robinhood, and Medium, among others
Up from Fund II’s $80M raise; Fund III to be invested in early-stage startups across consumer, gaming, and fintech verticals, among others [VCJournal]
Halo Experience Company (HXCO), a debut sports-tech VC fund with $1B raise target, raised $875M just two months after launch (Jul. 10th)
Venture Capital
Theo Health, a smart activewear startup geared for athletic recovery, raises $1.6M in early funding (July 11th)
Partnering with PGA golfer Xander Schauffele as investor and product tester
Launching EMG-enabled compression shorts for elite athletes, with beta expansion to 2 European soccer clubs [Athletech]
LiveLike, a fan engagement platform for live events, secures $3.5M in funding from growth and bridge debt platform Bigfoot Capital (Jul. 10th)
Focused on scaling AI-powered tools to boost live sports fan interaction and operational efficiency
$3.5M credit facility to support international expansion, team growth, and tech development [SBJ]
Linkby, an adtech platform connecting DTC brands with premium publishers for performance-driven media, secures AU$23M ($15M) in Series B funding (July 15th)
Used by over 3.8K brands, including Skechers, T-Mobile, and Lululemon
Funding supports US expansion, platform development, and generative engine optimization leadership
Investment led by Volition Capital [FinSMEs]
KNOT, a quick-commerce fashion platform spearheading the 60-minute delivery model, secures $3M in Pre-Series A funding (July 16th)
Funds to expand operations beyond Mumbai, deepen brand partnerships, and enhance AI-powered Try 'n Buy and virtual try-on features
Investment led by Kae Capital; other investors include Sparrow Capital, Boundless Ventures, and WEH Ventures, among others [FinSMEs]
Moonvalley, an AI research startup developing video tools and models for filmmakers, raises $84M in strategic funding (July 10th)
Staff of 100+ with alumni from DeepMind, Disney, Meta, and DreamWorks
Scaling Marey platform, expanding licensed content, and building API tools for studio partners
Investment led by existing investor General Catalyst; other investors include CAA, CoreWeave, Comcast Ventures, and existing investors Khosla Ventures and YCombinator [FinSMEs]
M&A and Investments
PHNX Sports Partners, an investor in sports industry tech and services, acquires sports startup studio Ventnor Ventures, launches $5M raise for sports tech & talent platforms (July 15th)
Move expands PHNX’s operating bench, integrating advisors from Flyers, Playfly, Polygon Labs, and Nerd Street Gamers
Deal warrants Advance Sports, a hiring and HR strategy firm, formally join portfolio to meet surging demand in sports industry hiring
$5M+ SPV targets early-stage tools in AI-driven fan engagement, athlete development, and back-office automation [AthleticBusiness]
GSE Worldwide, a sports and entertainment representation firm, acquires event production company InsideOut S + E to boost live event capabilities (July 14th)
Marks GSE’s third acquisition since BC Partners Credit’s investment in late 2024
Adds top-tier events like Pickleball Slam, Major League Pickleball, and Pro Padel League to GSE’s portfolio, marking GSE’s first step into event production [SBJ]
Friedkin Group launches ‘Pursuit Sports’ to manage global clubs, targets US Big Four franchise acquisition (July 16th)
Chillybox, an at-home cryotherapy chamber developer, receives minority stake backing from CryoBuilt (July 16th)
CyroBuilt expands to residential wellness from commercial-grade chambers, securing Chillybox’s global distribution rights
Compact cryo units start at $25.5K, reaching -165°F (-109°C), and require no ongoing maintenance [Athletech]
Veloce Media Group acquires majority stake in F1’s Lando Norris’ gaming and lifestyle brand Quadrant, receives backing from a S&E (Sports & Ent.) and gaming group SEGG Media at $53M valuation (July 14th, 16th)
Deltatre, a leading streaming and digital solutions provider for SM&E industries, acquires digital video distributor Endeavor Streaming to form unified OTT sports tech powerhouse (July 15th)
Follows Endeavor Group’s restructuring and Silver Lake’s $25B buyout
Creates end-to-end digital platform serving NFL, NBA, UFC, WWE, and UEFA
Deltatre integrates Endeavor’s Vesper OTT system with its own streaming, data, and graphics suite [Deltatre]
Spanish club Real Betis taps Goldman Sachs for $292M debt financing in stadium overhaul (Jul. 10th)
BNP Paribas to advise on the broader renovation plan
Betis expects stadium upgrades to be self-funded through future revenue gains
Deal structure may mirror Valencia CF’s loan-bond combo with 28-year term, arranged by US Bank [SBJ]
Liga MX’s Querétaro FC becomes the first Mexican soccer club under US ownership in $120M deal (Jul. 11th)
Querétaro valued at just ~5x revenue; compared to MLS 9.3x average
First Liga MX club sale ahead of expected private equity shake-up tied to Apollo’s $1.25B league proposal
Three other Liga MX clubs reportedly on the cusp of stake sales at potentially higher valuations [InsideWorldFootball]
MLS’s Austin FC welcomes five new minority investors to ownership group, valuing club at over $900M (July 15th)
Follows Columbus Crew’s 10% stake sale at $900M valuation, this month
New names on the cap table include PEAK6 co-founders Jenny Just and Matt Hulsizer, Tench Coxe, and Magnetar Capital’s Dave Snyderman, among others [Sportico]
Indiana Fever’s Aliyah Boston joins NWSL’s Boston Legacy FC ownership ahead of team’s 2026 NWSL debut (July 14th)
Boston joins all-female-led investor group Boston Unity Soccer Partners, Aly Raisman, Elizabeth Banks, and Brad & Tracy Stevens as club backers
Announcement comes amid club’s ambitions to fund its $27M, 24-acre Brockton performance center [SI]
Radio broadcasting company Audacy acquires USWNT stars’ ‘The RE-CAP Show’ to anchor women’s sports podcast strategy (Jul. 10th)
Deal brings stars Tobin Heath and Christen Press’ hit women’s soccer show under Audacy
Audacy to handle global ad sales; podcast boasts over 120K Instagram followers since 2023 launch [SBJ]
European Football: Portuguese club Sporting Lisbon hires JP Morgan to handle €100m+ debt sale, Apollo reportedly in talks to acquire La Liga’s Atletico Madrid (July 15th, 17th)
Sporting’s funds to refinance loans and support daily operations; move would follow FC Porto’s €115M debt issue late last year
Athletico’s enterprise value stands at a reported €1.9B; According to reports, Ares Management may be seeking full or partial sale of 34% stake in the club [Bloomberg] [InsideWorldFootball]
Photo Creds: SailGP unveils new $10M innovation facility in Southampton.
Strategic Ventures
SailGP unveils $10M Southampton innovation tech facility to advance high-performance sailing (July 17th)
‘SailGP Technologies’ center houses 100+ engineers, builders, and specialists
Launch includes first class of apprentices under Next Gen Careers Program
Aims to streamline global fleet support, accelerate F50 catamaran development, and drive design innovation [SailGP]
Social gamification platform Lucra Sports partners with NYC-based Frames Bowling Lounge to launch real-money competitions across bowling, darts, and billiards (July 15th)
Enabling cash-based digital challenges across bowling, darts, and billiards
Aims to modernize bowling through tech-enabled social competition, increasing engagement and loyalty [Reuters]
Women’s sports brand Togethxr partners with Snapchat to launch content accelerator program to amplify women athletes' creator revenue (July 15th)
‘Snap the Gap’ focuses on audience growth, brand building, and monetization within Snapchat's creator ecosystem
Aims to convert athletes into full-scale content creators with long-term earning potential; Features nine athletes across the WNBA, NWSL, NCAA, LOVB, and PWHL [SBJ]
Australian National Rugby League partners with sports scheduling SaaS company Fastbreak.AI to optimize scheduling amid expansion ambitions (July 16th)
Multi-year deal brings Fastbreak Pro to manage NRL’s 17-club fixture needs, supporting growth toward 20-team league, including PNG and Fiji expansion bids
Follows NBA Equity’s seed round backing and TGL’s inaugural season adoption, highlighting broader sports industry traction [Sportcal]
Job Board & Opportunities: Week of July 19th
Here are some cool roles we found and personally curated this week - enjoy!