Why hasn’t digital learning lived up to its promise?

The fall semester is off to a rocky start. When schools were forced to close in the spring, students (and parents) struggled. As the new school year begins, affluent families are building pandemic pods and inequities abound, while surveys suggest that college students want tuition discounts for online classes.

To avoid a catastrophic loss in revenue, colleges are bringing students back to campus. At UNC-Chapel Hill, those plans were quickly reversed when 130 students tested positive for the virus just a week into the new semester. As cases skyrocket, UNC will not be the only educational institution or school district to move online again.

What is it about digital learning that has schools so keen on reopening despite the health and reputational risks? Why hasn’t digital learning lived up to its promise?

If I were asked 20 years ago, as the founding CEO of Rosetta Stone, what digital learning would look like today, I would have imagined a very different future. Online learning was exploding. Teachers and faculty were experimenting with now commonplace consumer technologies like speech recognition and virtual reality to create immersive learning experiences.

Sadly, most of these innovations never took hold in our schools and colleges, and remote learners today are left with edtech that feels like it is still trapped in the 90s.

Ironically, the business of edtech and digital learning has been booming. Billions of dollars have been invested in tools and platforms that promise to improve the learning outcomes and lives of students. But for all the investments, headlines and flashy IPOs, edtech has little to show in terms of transformative outcomes.

The United States continues to lag behind many other advanced industrialized nations in math, science and reading literacy. Schools at all levels grapple with pervasive equity gaps. And research shows that heavily investing in education technology has, so far, yielded virtually no appreciable improvement in student achievement in these core subjects.

The challenge stems from the fact that rather than making learning better, the education technology field has, for the most part, focused on reaching more students. In our rush to scale, we have largely ignored tremendous pedagogical innovation that has occurred over the last twenty years.

No matter how high-tech a digital learning solution might be, it means nothing if it doesn’t also reflect recent and emerging changes in pedagogy. In 2010, a study at the University of North Texas compared how students retain information literacy skills in a face-to-face class, an online class and a blended class. The researchers found that there was no difference in outcomes between the three kinds of classes. This is because all three used the same materials and pedagogical approach.

But in a digital environment, far more is possible. We can now create video-game quality simulations to evaluate complex skills like creativity or problem-solving. Shy students can take the form of learning avatars in online laboratories — or explore career paths first-hand, through virtual reality. We know more than ever about attention span and engagement, or the connection between socio-emotional development and academic outcomes.

Researchers have, likewise, gained a deeper understanding of the ways students’ minds work. We know more than ever about how students reason, process information and solve problems. We know what kinds of scaffolding is required to develop and master these skills. Learning is best when it is built around doing, and when the context is practical, allowing students to try their hand at solving problems even as they’re still learning. It’s best when it is individualized, with progress based on a student’s personal aptitude and proficiency as they move toward mastering the material. And it’s best when it is enriched with peer-based discussion, practice and collaboration.

Astonishingly, few mass-market digital learning tools are built or adopted with these pedagogical advancements in mind. While Zoom is a fine tool for live conversations in small groups, it has few tools to facilitate the kind of engagement necessary for real learning. Coursera has raised millions for simply replicating the old-fashioned experience of a teacher lecturing at the front of a classroom. Quizlet is but a virtual collection of flashcards; it can assess the learning of certain facts, but it is hardly useful for the acquisition of skills. These types of common digital learning tools are increasingly great at making educators’ jobs easier. They are great at expanding access, allowing teachers and schools to reach more students than ever before. But scale, ease and access are not sufficient to help students learn and build skills.

The frustrations of educators and learners alike reflect the fact that education technology functions as a digital proxy for our oldest methods of teaching. Simply listening to a lecture is not effective in the real world, and yet that largely remains the default mode of education online. The impact of COVID-19 has only exacerbated these long-standing shortcomings. To create the digital learning experience students deserve — to finally fulfill the untapped promise and potential of educational technology — we must create tools that reflect not only advancements in technology, but in what we now understand about how the mind works and how students learn.


Source: Tech Crunch

Startup founders must overcome information overload

Many of the founders I have spoken to said one of their biggest early challenges was figuring out how to sift through all the advice they receive.

Advice overload plagues everyone and founders have it especially bad, given that most startups have a board of advisors. Founders described needing conviction in their decisions and preserving carved out time for their own information processing. They viewed the ability to sift through all this advice as a crucial skill to learn. 

There is so much information out there, you end up driving yourself crazy,” said Devin Lennon, founder of end-of-life advice service Death Doula Devin. “Figuring out who is more helpful than others was difficult. Typically people with more experience tended to be more helpful, but not always,” said Hardbound founder Nathan Bashaw. “We wasted a lot of time talking to the wrong people.”

According to Ryan Williams, CEO and co-founder of proptech platform Cadre, “The real challenge is who you listen to for which points. You get information overload. The real skill is pattern recognition over time of who is actually useful for good information — knowing who to listen to and for what. You get a lot of conflicting advice. That’s where I’ve grown the most.”


Source: Tech Crunch

JupiterOne raises $19M Series A to automate cyber asset management

Asset management might not be the most exciting talking topic, but it’s often an overlooked area of cyber-defenses. By knowing exactly what assets your company has makes it easier to know where the security weak spots are.

That’s the problem JupiterOne is trying to fix.

“We built JupiterOne because we saw a gap in how organizations manage the security and compliance of their cyber assets day to day,” said Erkang Zheng, the company’s founder and chief executive.

The Morrisville, N.C.-based startup, which spun out from healthcare cloud firm LifeOmic in 2018, helps companies see all of their digital and cloud assets by integrating with dozens of services and tools, including Amazon Web Services, Cloudflare, and GitLab, and centralizing the results into a single monitoring tool.

JupiterOne says it makes it easier for companies to spot security issues and maintain compliance, with an aim of helping companies prevent security lapses and data breaches by catching issues early on.

The company already has Reddit, Databricks and Auth0 as customers, and just secured $19 million in its Series A, led by Bain Capital Ventures and with participation from Rain Capital and its parent company LifeOmic.

As part of the deal, Bain partner Enrique Salem will join JupiterOne’s board. “We see a large multibillion dollar market opportunity for this technology across mid-market and enterprise customers,” he said. Asset management is slated to be a $8.5 billion market by 2024.

Zheng told TechCrunch the company plans to use the funds to accelerate its engineering efforts and its go-to-market strategy, with new product features to come.


Source: Tech Crunch

Dear Sophie: How can I get my 2-year foreign residency requirement for my J-1 waived?

Here’s another edition of “Dear Sophie,” the advice column that answers immigration-related questions about working at technology companies.

“Your questions are vital to the spread of knowledge that allows people all over the world to rise above borders and pursue their dreams,” says Sophie Alcorn, a Silicon Valley immigration attorney. “Whether you’re in people ops, a founder or seeking a job in Silicon Valley, I would love to answer your questions in my next column.”

“Dear Sophie” columns are accessible for Extra Crunch subscribers; use promo code ALCORN to purchase a one- or two-year subscription for 50% off.


Dear Sophie:

I’m entering my second year in the U.S. under a five-year J-1 research visa from Italy. When we came we thought it would be temporary, but our plans have changed and now we want to try to stay in the U.S. My husband started his own company here on his J-2 visa work permit, and our daughter was born here. However, we’re supposed to return to Italy for two years. How can we get a 212(e) waiver?

—Positive in Palo Alto

Dear Positive:

Congrats on your accomplishments — the birth of your daughter, your research position and your husband’s startup. Happy to share about the J-1 visa, the two-year home residency requirement (a section of the law called “212(e)”) and obtaining a waiver so you can seek a green card or another type of visa. For more background, check out my podcast on the two-year foreign residency requirement and filing a waiver and last weeks’ Dear Sophie column with an overview of the types of J-1 visas. The earlier you begin preparing your waiver application, the better.

The J-1 Educational and Cultural Exchange Visa is intended for people from around the globe to work or study in the U.S. and then take their newly acquired knowledge and skills back to their home country. Given that, it is not a direct path if you decide after your arrival to remain longer term in the U.S. I recommend working with an experienced immigration lawyer to devise a strategy for reaching your goals beyond getting a waiver. I also recommend talking with your employer to assess whether they can later sponsor you for a green card.


Source: Tech Crunch

iOS 14 is now available to download

Apple has just released the final version of iOS 14, the next major version of the operating system for the iPhone. It is a free download and it works with the iPhone 6s or later, both generations of iPhone SE and the most recent iPod touch model. If your device runs iOS 13, it supports iOS 14. The update may or may not be immediately available, but keep checking because people are now receiving the update.

The company is also releasing major updates for the iPad, Apple Watch and Apple TV today. So you can expect some new features with iPadOS 14, tvOS 14 and watchOS 7 as well.

The release of those updates caught many developers by surprise. Apple announced yesterday that iOS 14 would be ready for prime time today. Usually, the company announces the release date a week or two in advance. This way, developers have enough time to fix the last remaining bugs and submit updates to the App Store.

If you update your iPhone today, don’t be surprised if you encounter a few bugs here and there from third-party apps. There are some major changes under the hood and nobody expected such a short turnaround.

The update is currently rolling out and is available both over-the-air in the Settings app, and by plugging your device into iTunes for a wired update. But first, back up your device. Make sure your iCloud backup is up to date by opening the Settings app on your iPhone or iPad and tapping on your account information at the top and then on your device name. Additionally, you can also plug your iOS device into your computer to do a manual backup in iTunes (or do both, really).

Don’t forget to encrypt your backup in iTunes. It is much safer if somebody hacks your computer. And encrypted backups include saved passwords and health data. This way, you don’t have to reconnect to all your online accounts.

Once this is done, you should go to the Settings app, then ‘General’ and then ‘Software Update.’ Then you should see ‘Update Requested…’ It will then automatically start downloading once the download is available.

The biggest change of iOS 14 is the introduction of widgets on the home screen, a new App Library to browse all your apps and the ability to run App Clips — those are mini apps that feature a small part of an app and that you can run without installing anything.

There are also many refinements across the board, such as new features for Messages, with a big focus on groups with @-mentions and replies, a new Translate app that works on your device, cycling directions in Apple Maps in some cities and various improvements in Notes, Reminders, Weather, Home and more.

If you want to learn more about iOS 14, I looked at some of the features in the new version earlier this summer:


Source: Tech Crunch

Can’t stop won’t stop: Social Capital Hedosophia just filed for its fourth SPAC, says new report

According to a new report in Bloomberg, Social Capital Hedosophia has filed plans confidentially with the SEC to raise $500 million for its newest blank-check company.

It will be the fourth special purpose acquisition company, or SPAC, to be raised by the outfit, which is headed up by Chamath Palihapitiya and his longtime investment partner, Ian Osborne.

Astonishingly, dozens more may be in the works. On the “All-In Podcast,” co-hosted by Palihapitiya, he revealed recently that has reserved the symbols from “IPOA” to “IPOZ” on the New York Stock Exchange. He also said he has $100 million of his own involved in each deal to demonstrate his alignment with potential investors.

What’s the play? In the podcast, Palihapitiya pointed to the Federal Reserve’s economic and interest rate forecasts and its plans to keep interest rates at zero for years to come. “I mean, quite honestly,” Palihapitiya said, “there’s no path to any near-term inflation of any kind whatsoever.”

It’s why he thinks investors are going to “get paid to be long [on] equities, because your risk-free rate is zero and will soon be negative. And what are you supposed to do if you’re an asset manager?”

Here’s how he framed it: “Let’s say you’re the California pension system, you have hundreds of billions of dollars, and you need to generate five or 6% a year to make sure that your pension isn’t insolvent, and the government is paying you zero. When everybody is in that situation, you’re overwhelmingly long equities . . .So all of these opportunities are generally buying opportunities, and I’m more bullish now than I was before.”

Indeed, when it comes to private or public market investing, said Palihapitiya, “I think it really is just public companies [that are worth getting behind]. . . I mean like, no offense, but if you’re a very good stock picker in the public markets, you’re generating better returns [than] Sequoia, Benchmark — name your best venture fund.  I see all these people spouting off on Twitter about how good they are in the early-stage markets, but it’s all kind of small dollars and not that meaningful.”

Certainly, he has reasoned to feel emboldened. The first SPAC of Social Capital Hedosophia, raised in 2017, ultimately merged last year with the space tourism company Virgin Galactic, and it’s now valued at slightly more than $4 billion by public market shareholders.

The outfit’s second fund, which was raised in April, announced yesterday that it will merge with Opendoor, a company that buys and sells residential real estate and that might have had trouble going public through a traditional IPO process, given its still-uncertain economics.

Social Capital Hedosophia’s third SPAC, also raised in April, has not yet named its target but the company has said it will use its IPO proceeds to buy a tech company that’s primarily outside of the United States.

Certainly, SPACs — which haven’t had a stellar reputation historically — have a growing number of other investors intrigued. According to SPACInsider, nearly 100 SPACs have been raised in 2020 already up from just 7 a decade ago.

Though Sequoia Capital is having a stellar year — given its stake in Zoom, Bytedance, and Snowflake, among many other headline-leading companies — its U.S. head, Roelof Botha, suggested in an interview yesterday that Sequoia hasn’t ruled out the possibility of forming SPACs, even while he implied that it was unlikely. “I love the fact that there’s more innovation” around the IPO process, he said. “It gives more choice to the companies.”


Source: Tech Crunch

The Quest is getting its own Fortnite ripoff

Fortnite may not be available in VR (or on iOS), but Quest users will soon be getting their own Fortnite clone for virtual reality.

Nearly two years after its funding and initial launch announcement, BigBox VR is finally ready to roll out its battle royale game, “POPULATION: ONE” to players on the Quest (and the sunsetting Rift hardware).

Co-founders Chia Chin Lee and Gabe Brown started their game development for virtual reality with a shooter called Smashbox Arena, but “POPULATION:ONE” is the big gambit for the game studio.

The COVID-19 pandemic has managed to boost the sales of the Quest, turning it into more of a genuine consumer device instead of just something for the technorati and digital power users. If this new audience for virtual reality can take to the battle royale game in the same way that they’ve taken to Epic Games’ Fortnite title, it could go a long way toward giving Facebook’s platform a wedge to gain market share in what’s become the newest social network.

A lot has been written about how Fortnite has become the social forum for Gen Z and the cohort that’s coming up after them. As these users gravitate to TikTok and Fortnite, Facebook is becoming an afterthought for a new consumer demographic that the social network needs.

And as we wrote earlier, BigBox VR’s title shares more than a passing similarity to Fortnite.

To say the game shares some similarities with Fortnite is an understatement. Not only is it a battle royale title with a shrinking environment, but certain mechanics like gliding in at the beginning to scrounge for weapons and even Fortnite’s building feature are central to the gameplay. That being said, battle royale titles have exploded in the wake of PUBG and they seem to all share a lot among each other. For BigBox, VR is the distinguishing feature, with motion controls and the general feeling that everything is life-sized and in your control.

If the game can replicate Fortnite’s popularity in virtual reality, that could be a coup for Facebook and BigBox VR in a space where the social networking giant has traditionally been pwned.


Source: Tech Crunch

Spotify adds virtual event listings to its app

Spotify is embracing virtual events. The company today announced the addition of virtual event listings in the Spotify app, which will allow music fans to see when their favorite artists will be playing live — even if only via a livestream. These listings will be available through the “On Tour” section of artist profiles as well as in Spotify’s Concerts hub, the company said.

TechCrunch previously detailed Spotify’s plans in this area, but today the company made the news official.

The streaming service says artists will be able to list their events streaming on any platform, including Twitch, Instagram Live, YouTube Live, a hosted website or anything else.

Image Credits: Spotify

Other virtual events will be automatically imported to the platform courtesy of Spotify’s existing partnerships with Songkick and Ticketmaster.

Virtual events uploaded through Songkick will now begin to automatically show up on both the artist profiles and the Concert hub. Artists can also choose to set their own events as their “Artist Pick.”

A select number of Ticketmaster events will be listed on Spotify, as well, the company says.

Image Credits: Spotify

These new integrations aren’t surprising, given that most major ticketing services have shifted their focus to online and virtual events in the wake of the COVID-19 pandemic which has limited real-world gatherings, like concerts. At the same time, artists have been trying to connect with fans online, often doing live streams or even paid live-streamed concerts. However, today’s virtual concerts business is only helping to offset lost touring revenue for most, not fully replace it.

“With most tours postponed until 2021 and online concerts set to continue, Spotify wants to make it easy for fans to learn about virtual events—whether for artists you already love or for those you’re discovering for the very first time,” the company said, in an announcement.

The feature is rolling out now to the Concerts hub under Browse on desktop and Search on mobile as well as to participating artist profiles.


Source: Tech Crunch

Incredible Health updates its healthcare career platform to help nurse hiring cope with COVID

The healthcare industry, even prior to the current pandemic, has never looked much like other industries when it comes to hiring and career management. That was the impetus behind Incredible Health, a startup founded by medical doctor Iman Abuzeid and Amazon alum Rome Portlock. The platform Incredible Health built is all about connecting nurses with jobs – but it goes above and beyond your typical online job board in order to provide better service both to job seekers and hospitals, and to help nurses throughout the course of their careers.

I spoke to Abuzeid, who serves as Incredible Health’s CEO, about some new features that Incredible Health has just introduced, in part to address the particular needs of nurses and hospitals considering the constraints of COVID-19 and the ongoing challenges it presents. She first explained why Incredible is a unique platform to begin with, among a sea of relatively undifferentiated job search products.

“There are three unique things about the platform,” she said. “The first is that the employers apply to the nurses instead of the other way around – which we can do because of this huge supply-demand imbalance. The second is that we’ve automated the screening and pre-vetting of the nurses, so we’re able to automatically verify things like licenses and certifications, and experiences and so on, because we’ve integrated with so many databases. And the third thing we do is custom matching algorithms.”

That means Incredible Health provides hospitals with only matches that meet their exact needs for a specific position requirement, rather than forcing them to wade through large numbers of potential applicants who might not have the skills they need. In a field like nursing, which has a lot of specific professional designations and certifications, specificity actually helps both sides quite a bit.

“The end result of all of that is hires that happen at least three or four times faster,” Abuzeid told me. “Our average right now is 13 days, and the efficiency is about 30 times more efficient than a standard job board. Really, some of the biggest impacts we have are financial – we save on average, each hospital we work with, about $2 million per year. We do that by reducing their travel nurse budget, because they don’t have to use as many contract workers when they’re permanently staffed. And we also reduce their overtime costs, and their HR costs.”

Abuzeid also told me that nurses hired through Incredible Health tend to stick around longer. The startup only has about a year of historical data to check against so far, but she said that so far, they’re seeing about 25% percent higher retention vs. the industry average. She added that they suspect this is due largely to the fact that nurses are able to consider multiple offers and hospital options on the platform, since there are often multiple employers vying to hire the same employee, especially in the case of specialization like ICU nurses.

As for what’s new to Incredible Health, the company has introduced automated interview scheduling. Abuzeid says that has led to 70% of interviews being scheduled via automation within 36 hours on the platform currently. The platform has also introduced remote interviewing for safely distanced pre-hiring interactions, and in-app chat between potential employers and nurses right in the iOS, Android and web apps that Incredible Health offers. Profiles for nurses on the platform also now list socialites and skills, from a pre-set catalog of 45 specialities and 250 skills that are specific to the nursing field, like ICU or OR expertise. Abuzeid said that most of these were fast-tracked due to significant changes they were seeing in the hiring process as a result of the COVID pandemic.

“We saw several impacts,” she told me. “First is like the number of offers that started to go out – we see one go out every few hours now. And the number of interview requests is up to one being sent every few minutes. So it’s really accelerated, and that’s been a combination of two things. One is just that we made the software better and more efficient – but the other thing is the urgency also increased on the hospital end given the pandemic.”

Aside from improving the process of hiring vs. traditional methods, and supporting more remote hiring and onboarding workflows, Incredible Health also addresses some of the diversity gaps in the current healthcare industry hiring process. Abuzeid explained that that’s due in part to built-in features of the platform like salary estimate calculators, and adds that some tweaks have been created intentionally to level the playing field.

“30% of nurses identity in the U.S. identify as minorities, so we take diversity pretty seriously because that’s a huge chunk of our user base,” she said. “By giving nurses salary data, it democratizes that and makes you more informed. We also provide talent advocates who are also nurses on our team that support every single nurse, helping them almost as career coach to support them throughout the hiring process.”

Incredible Health also takes steps to ensure the product isn’t itself reinforcing any existing biases that may be present, consciously or otherwise, on the part of hiring parties.

“We random sort the list of the list of nurses as they’re displayed in front of employers and the application, or we use avatars instead of profile pictures,”  We’re also constantly monitoring the data that that that’s in the platform. So for example, we noticed that recruiters were biasing against nurses that lived further away. And so we just removed the current location of the nurse, we just stopped displaying that, and that bias went away. So it’s really important that the software and our algorithms actually counter human bias.”

So far, Incredible Health has raised $17 million in funding, including a Series A last year led by Jeff Jordan at Andreessen Horowitz. The company is already in use at over 200 hospitals across the U.S., as well as at a number of the largest health care networks in the country, like HCA and Baylor, and at academics medical centres including Cedar Sinai and Stanford as well. The startup is growing quickly by addressing a long-standing need with software designed specifically to the challenge, and looks poised for even more future growth as the demand for qualified, well-supported healthcare professionals grows.


Source: Tech Crunch

The Chainsmokers just closed their debut venture fund, Mantis, with $35 million

Alex Pall and Drew Taggart are best known as The Chainsmokers, an electronic DJ and production duo whose first three albums have given rise to numerous Billboard chart-topping songs, four Grammy nominations, and one Grammy award, for the song “Don’t Let Me Down.”

Soon, they hope they’ll be known as savvy venture investors, too.

They already have some major-league believers, including investors Mark Cuban, Keith Rabois, Jim Coulter and Ron Conway, who are among the other individuals who provided the Chainsmokers’s new early-stage venture firm, Mantis, with $35 million in capital commitments for its debut fund.

It’s a surprisingly traditional vehicle in many ways. For starters, Mantis is being managed day-to-day by two general partners who respectively offer venture and operational experience: Milan Koch graduated in 2012 from UCLA and has been an investor ever since, including as a venture partner with the seed-stage fund Base Ventures; Jeffrey Evans is a record label founder who has long known the Chainsmokers’s business manager, Josh Klein.

With fundraising begun earlier this year, the firm has already made a handful of investments, too, including the fitness app Fiton (Pall says they “squeezed into the A round after its close”), and Loansnap, a mortgage-lending startup that was founded by serial entrepreneur Karl Jacob.

Pall and Taggart take their health seriously, so the fitness app is easy to understand. As for why the world’s highest-paid DJs would be interested in such a seemingly staid business as mortgage lending, Taggart says the firm’s mission is ultimately to find and fund a wide range of startups that could potentially benefit its young audience, and that he and Pall are happy to use their star power to help related founders when a particular technology catches their eye.

In the case of Loansnap, he says that he and Pall were impressed by Loansnap’s promise to process loans more efficiently than other lenders. By getting involved in the company, all sides also recognized a “massive press opportunity for Loansnap at a time when COVID was hitting and there was going to be billions of dollars in refinancing going on that [the company] wanted to participate in,” he says.

Indeed, despite investing a relatively small in what was ultimately a $10 million round for Loansnap in May, Mantis was credited in numerous reports as being the deal lead.)

Taggart and Pall say they also take inspiration from singer Jimmy Buffett, who has co-created numerous businesses to both benefit, and capitalize off, his own fan base. Though Buffett started with Margaritaville — a hospitality company with a casual dining American restaurant chain, a chain of stores selling Jimmy Buffett-themed merchandise, and casinos with lodging facilities — he has more recently begun building retirement communities in Florida for aging Buffett acolytes, and Pall and Taggart says the strategy resonates,

“When we started eight years ago, our fans were primarily all in college,” says Taggart. “Now they are dealing with paying back their college loans, and they’re probably applying to buy their first house, so a company like Loansnap feels like one of those startups whose services our fans have grown into needing.”

Pall and Taggart aren’t entirely brand new investing. Pall says they’ve been making seed-stage bets as angel investors for several years, including in Ember, an eight-year-old, L.A.-based company that makes temperature-controlled mugs and travel mugs and has raised roughly $25 million altogether, shows Crunchbase.

“I’d like to say that we were like thinking In this incredible way about the business at the time, but we were just like, ‘This is a really great product and we love the founder,” Pall says.

In fact, the two got into a number of “diverse deals,” he continues, but “all of it was inbound” until two years ago, when they “decided to kind of change our strategy and go seek out the opportunities that we thought were out there…  We thought that maybe if we institutionalize this process, [we’ll discover] a lot more opportunity out there for us to work with dynamic founders and interesting founders who are going to change the landscape of tomorrow.”

Soon after, Pall and Taggart were introduced to Koch; Koch meanwhile knew Evans through a mutual friend in the music industry. Things began coming together from there.

Pall and Taggart — who say that all four members of the team have to want to do a deal for it to move forward — are certainly entrepreneurial themselves. Aside for performing roughly 100 shows last year before beginning work this year on a fourth album, the two also run a production studio. They are stakeholders in a small batch spirit brand called JaJa Tequila.

Last year, they also co-founded YellowHeart, a ticketing platform that aims to put more power in the hands of performers, rather than scalpers.

Mantis was originally targeting $50 million in capital commitments, as reported by Bloomberg. Asked if that target proved too ambitious, Koch says the original idea was to raise $30 million, and that though the fund’s limited partner agreement stated that it could raise up to $50 million, the team “just decided that for a first time fund, in order for us to produce a great IRR, we’d just rather stick to the target.”

Pictured above, left to right: Jeffrey Evans, Alex Pall, Drew Taggart, Milan Koch.


Source: Tech Crunch