Issac Hayes III’s Fanbase App Raises $4.5M In Crowdfunding Bridging The Pay Gap For Black Creators
Issac Hayes III’s social media platform Fanbase has announced its current equity crowdfunding round has crossed $4.50M.
Fanbase, launched by Hayes, is a social media platform designed to enable Black creators to cultivate their audiences and monetize their contributions effectively.
According to a 2021 study by The Influencer League involving US-based creators, the pay gap between white influencers and influencers of color is 29%.
When narrowed further between white and Black influencers, the margin rises to 35%.
Fanbase differentiates from other platforms that need brand partnerships or ad placements to make money.
The app allows users to “like” other people’s content and “Love” it, which users can turn into money.
Every Love given is worth one cent, with 50% going to the creator and 50% to Fanbase.
The more Love a user gets, the more money that is made.
The app is free to download and use, allowing anyone to create a profile, build a following, and connect with others.
According to a press release, the social media app has brought its total funding to $10M after raising $4.5M in equity crowdfunding.
This will now be the third seed round for the general public to invest in Fanbase as it utilizes StartEngine for Equity Crowdfunding.
Hayes became the second Black man to raise $1M on StartEngine – an equity crowdfunding platform that allows people to invest and own shares in startups and early-stage companies.
“Equity crowdfunding is our way of inviting the Fanbase community to own a piece of the platform they believe in,” said Hayes.
“We’re not just building a project; we’re growing a community-driven ecosystem where every voice, every creator, and every supporter shares in our collective success.”
The crowdfunding round will be directed towards Fanbase’s expansion and development initiatives.
These funds will enhance user experience, strengthen creator tools, improve platform features, and expand marketing efforts to reach a wider audience.
Feature Image Credit: Photograph By Brinson + Banks