May 13, 2024

Isaac Hayes III’s Fanbase Hits $10M In Equity Crowdfunding, Eyes New $17M Target

Issac Hayes

Fanbase, a social media platform used to monetize content creation, has reached $10 million through equity crowdfunding, setting the stage for a $17 million campaign. 

Fanbase’s Crowdfunding campaigns

The funding has reportedly marked founder Isaac Hayes III as the first Black man to accomplish this feat in a Regulation Crowdfunding campaign via StartEngine.

Hayes created Fanbase to enable Black creators to cultivate their audiences and monetize their contributions effectively.

According to a press release, Fanbase had raised over $10 million from three crowdfunding campaigns and 14,000 over investors via StartEngine.

The company recently launched its $17 million Reg A series equity crowdfunding campaign, allowing the public to invest in the company for $399.

Read: Issac Hayes III’s Fanbase App Raises $4.5M In Crowdfunding Bridging The Pay Gap For Black Creators

Expanding the Fanbase community

On the “Black Tech Green Money” podcast, Hayes discussed how this financial boost is crucial for enhancing the platform’s offerings and outpacing competitors. 

“This raise is definitely putting us in a position to not only catch up to the current apps that are out there but surpass them because of my understanding of what I’ve learned – just observing how these startups work,” he said on the podcast.

The expansion facilitated by the crowdfunding campaign is set to bring more creators under the Fanbase umbrella.

“I think we have a real metric to understand the value of Black culture. Like what Black culture converts to in dollars. We have to understand that Black culture is actually our ‘vibranium,’ our asset. We are so creative, and we shouldn’t just be giving it away for free,” Hayes said.

With the new funds, Fanbase also plans to expand its development team, aiming to refine and add new features that better meet creators’ needs.

Sara Keenan

Tech Reporter at POCIT. Following her master's degree in journalism, Sara cultivated a deep passion for writing and driving positive change for Black and Brown individuals across all areas of life. This passion expanded to include the experiences of Black and Brown people in tech thanks to her internship experience as an editorial assistant at a tech startup.