The owner of the subscription-based social media network Fanbase is Isaac Hayes III, the son of the renowned African-American musician and actor Isaac Hayes. Through a variety of media capabilities, the platform enables users to engage with their audience and monetise their material.
He recently created history by being the first Black business owner to successfully raise $10 million through crowdfunding. The platform’s equity crowdfunding round was reported to have successfully raised $4.50 million in October, increasing the total amount of money Fanbase has raised to $10 million.
“I am the first Black person to raise $10 million in Reg CF equity crowdfunding,” Hayes III wrote on Instagram on November 7. In a separate statement, the tech entrepreneur said equity crowdfunding was a way of allowing members of the community to own a piece of the platform.
“Equity crowdfunding is our way of inviting the Fanbase community to own a piece of the platform they believe in. 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.”
As to his statement, the company’s objective of “Be yourself” is in line with the crowdfunding. Without restrictions. He pointed out that the action reverts to the industry’s goal of enabling all users to interact with and access a worldwide audience without being constrained by conventional means.
Additionally, he noted that the company’s action demonstrates its dedication to diversity and progress by enabling regular people to become investors in the startups they sponsor.
According to the statement, the money raised in this most recent round will be used to improve the user experience, create new tools for creators, and increase Fanbase’s marketing initiatives in order to reach more people.
Hayes III, meanwhile, previously discussed the rationale behind the establishment of his platform in an interview with “REVOLT Black News Weekly.” He stated that he wanted everyone to benefit from the new world and commercialize their content.
“It’s imperative that everyone has the ability to monetize their content going forward in order to take advantage of the new world that will emerge over the next five to ten years,” he said.