Grammy Award-winning duo The Chainsmokers (real names Alex Pall (left) and Drew Taggart (right). Photo credit: Walt Disney Television, under Creative Commons license

Famed electronic music duo The Chainsmokers seem to have found a new gig outside dishing out regular musical hits to millions of listeners. They are now formal startup investors and just co-led a $10 million investment in LoanSnap, a San Francisco-based lending startup. The electronic duo co-led the funding through Mantis, a technology investment firm they recently established. The funding was co-led alongside True Ventures, a Silicon Valley-based venture capital firm. With the new funding, LoanSnap has now raised a total of $26 million since its founding.

The Chainsmokers, a Grammy Award-winning duo, are not new to investing in startups as they have previously plowed their personal capital into some startups. With the creation of Mantis, however, they appear to have formalized their investment activities, notably in the middle of a pandemic that has halted live music events globally and presumably given The Chainsmokers more free time to focus on activities outside music production. The electronic duo plans to invest $50 million in startups through their newly formed firm.

Alongside True Ventures and The Chainsmokers, other participants in LoanSnap’s $10 million fundraise include the Virgin Group, Thomvest, and Liquid 2 Ventures, a venture capital firm co-founded by NFL hall of fame quarterback Joe Montana.

LoanSnap launched just in 2018 and has already facilitated about $12 million in loans for consumers. The company itself doesn’t actually issue loans but merely serves as a middleman that connects consumers to lenders.