*Isaac Hayes III’s Fanbase app has raised $4.5 million in equity crowdfunding — bringing its total to $10 million in funding, according to a press release.
This is Fanbase’s third seed round, allowing the public to invest.
“Equity crowdfunding is our way of inviting the Fanbase community to own a piece of the platform they believe in,” Hayes shared in a statement, per the press release. “We’re not just building a product; we’re growing a community-driven ecosystem where every voice, every creator, and every supporter shares in our collective success.”
Fanbase allows users to monetize content and engage with various media features, “including photo/video, audio chat, live streaming, stories, short-form, and long-form video,” per the news release. “Fanbase offers the option for users to subscribe to each other through in-app purchases, fostering creativity and enabling all users to monetize their work directly via their Fanbase profiles.”
People can invest in FanBase on StartEngine. The minimum investment limit is currently $245.
When EUR’s Ny MaGee spoke to Hayes in 2020, he said his FanBase app is “focused on content monetization.”
“It provides the environment for people to share their content, but also make money on it. I think that’s really a good starting out point,” Hayes continued. “The other platforms are trying to find ways to monetize, but we’re coming in the game with Fanbase, because this is about content monetization from the very beginning. That’s where I wanted to start. I wanted to make a platform that I felt like people that put in much time and energy into monetizing their content, had a space where they could monetize and make money. “
According to AFROTECH, in 2020, Hayes became the second Black man to raise $1 million on StartEngine.
“The fact that the African American community owns part of this company and Black culture contributes so much to social media, makes this the perfect marriage between our capital and our talent at the same time,” Hayes told AFROTECH in a previous interview. “This is how the platform will continue to lift others as it climbs. I, as well as FanBase, will continue to keep in mind the community that helps it become the app that it will become.”
READ MORE: Isaac Hayes lll Creates ‘Fanbase’ APP to Help Influencers Monetize Content [EUR Exclusive]
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