Fanbase, the social media platform empowering any user to monetize their content and recently featured on the Atlanta Inno’s 2022 Startups to Watch List, announced today the closing of their second crowdfunding raise of $2.6 million on StartEngine. To date, Fanbase has raised over $6 million in crowdfunding with over 8,600 investors giving the opportunity for users to secure equity in a platform that they are actively using.
Funds raised in this particular round, will be used to further develop Fanbase’s capabilities, marketing, scaling of the Fanbase team and acquiring more users. Fanbase has seen a 1,000% User Growth in 2021 without any marketing spend. Additionally, it launched into 177 countries in October 2021 with a projected growth of 100-150% MoM for 2022.
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“We made a deliberate choice to open our second round on StartEngine coming off the heels of a successful kick-off campaign earlier this year,” said Isaac Hayes III, Founder and CEO, Fanbase. “Equity and ownership will always be at the heart of Fanbase and we wanted to give the opportunity for our users to have a larger share in our company.”
Free to join, Fanbase offers users the ability to monetize photo, video, audio chat, and live streaming content via digital currency they call LOVE as well as subscriptions to users’ exclusive content. Like other platforms, any user can post content for public consumption. But only Fanbase allows users to also put select content behind a paywall.
Fanbase is on a mission to create gateways for “all” users to monetize their content and social following, ensuring equitable spaces inclusive of Black creators who are oftentimes disenfranchised elsewhere. With monetization and equity as an important focus for the platform, Fanbase recently released two new verticals to monetize content including Flickz, the app’s short form video editor as well as the ability for users to monetize their 15-second Stories by making them exclusive to subscribers, or by receiving LOVE from all viewers making Fanbase the first social media platform to allow subscriber stories for every user.
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