Fanbase Hits $12.7M In Equity Crowdfunding Campaign – peopleofcolorintech

Black-owned social media network Fanbase has reached $12.7 million of its $17 million equity crowdfunding campaign. Founder Isaac Hayes III announced the milestone in an Instagram post, saying, “This raise is part of a larger mission to democratize ownership in the social media space.”

Hayes is shifting away from traditional venture capital and turning to the community for investors, as the public now has the opportunity to own a stake in the platform.

Fanbase’s equity crowdfunding campaign

It reached $10 million of its equity crowdfunding campaign in 2024, which reportedly made Hayes the first Black man to raise this amount in a seed round via StartEngine under Regulation Crowdfunding, according to AFROTECH.

Anyone can invest in the company with a minimum investment starting at just $3.99. “Instead of relying on traditional venture capital, Fanbase is opening the door for everyday people to invest in the next generation of social apps,” Hayes said.

What is Fanbase?

Fanbase is a social media platform designed to enable Black creators to cultivate their audiences and monetize their contributions effectively.

It differentiates from other platforms that rely on brand partnerships or ad placements to generate revenue. The app allows users to “like” other people’s content and “Love” it, which users can then turn into money.

Every Love given is worth one cent, with 50% going to the creator and 50% going to Fanbase. The more Love a user gets, the more money is made. Users can monetize all platforms except live streams and Flickz, a short-video tool.

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