Isaac Hayes made history as the first Black entrepreneur to raise an impressive $10 million in crowdfunding.
His subscription-based social media platform Fanbase announced crossing the $4.5 million threshold in its latest equity campaign on Oct. 30. The financial boost elevated the company’s total capital by just over eight figures.
“I am the first Black person to raise $10 million in Reg CF equity crowdfunding,” Hayes III wrote on Instagram this past Tuesday (Nov. 7).
In a press statement, the tech entrepreneur shared, “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.”
Hayes III, son of the legendary late soul musician, cemented the content app’s mission to “Be you. Without limits.” He underscored the drive for an industry where every user can access and engage with a global audience free from traditional constraints.
Fanbase’s approach integrates various media features like photo and video sharing, livestreaming, and short to long-form content. The platform allows users to monetize by enabling their followers to subscribe directly to their profiles through in-app purchases.
Capitalizing on the JOBS Act, which streamlines how small businesses raise funds, the company’s initiative further exemplified its commitment to growth and inclusivity. It allows everyday people to become stakeholders in startups they support.
The proceeds from this latest round are reserved for enhancing user experience, developing creator tools, and bolstering marketing efforts to expand Fanbase’s reach.
In 2022, Hayes III spoke to “REVOLT Black News Weekly” about why he launched the company. “It’s really important that everybody, moving forward, is able to monetize their content [and] capitalize off the new world that’s about to come in the next five or ten years,” he explained.