The Chainsmokers, through their Mantis venture capital entity, have contributed a sizable investment in Austin-based fintech company Hearth.
The startup provides home contractors the ability to extend consumer financing options to prospective customers. Hearth allows contractors to pre-qualify customers for loans within minutes, enabling them to invoice, track, and collect payments within the company's mobile app.
According to Hearth, around 80% of home improvement services have traditionally been paid in cash, but the company is betting more available personal financing options will allow contractors to secure more business. CultureMap Austin reports the Grammy-winning "Closer" artists contributed $23 million to the company.
It may seem like an usual business model for The Chainsmokers to take interest in, but if recent history is any indication, it's become increasingly clear that Mantis is gravitating toward disruptive technologies across the board—regardless of sector.
Thus far Mantis has participated in funding rounds for companies such as LoanSnap, a mortgage lending company, the digital fitness platform FitOn, and Casa, a Bitcoin custody and storage product.
According to TechCrunch, last year Mantis itself raised $35 million in funds from backers such as billionaire Mark Cuban and technology executive Keith Rabois, among others.
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