Fave, the superfan app for like-minded music lovers, has secured $2 million in an ongoing spherical of funding, with backers like Sony Music and WMG.
Superfan-focused connection app Fave has raised $2 million in an ongoing spherical with backers together with WMG, Sony Music, and the Feminine Founders Fund, and expectations to surpass $6 million. The platform beforehand raised $2.2 million in 2021, with a present valuation of $15 million. The corporate will use the capital from its newest funding to finish the launch of its suite of instruments on the finish of 2023, enabling extra artist groups to search out and get in touch with superfans.
Over 50,000 devoted music followers — from Swifties and BTS ARMY to Harries and Bey Hive — have joined Fave in its beta to attach and share their dedication by means of live performance clips, fan-art, and storytelling. The app’s “Fan Verification” function ranks followers in response to their standing between Fan, Verified Fan, and Verified Superfan.
Customers earn factors based mostly on live performance/occasion attendance, streaming exercise, proof of assembly their favourite artist, or issues like getting a fan-related tattoo, with moments documented within the type of badges. Followers compete towards each other, rising in rankings and unlocking numerous perks offered by artists and model companions, equivalent to live performance tickets, early entry, unique occasions, merch, and extra.
Fave’s market permits customers to resell live performance tickets and promote their third celebration retailers (like Etsy) to promote handmade merch, with the corporate taking a 2.4% transaction charge. Artists also can choose to earn 10% from the followers’ gross sales.
“That is very distinct from different platforms, however one thing we’re proud to face by to permit artists to lastly profit from fan-made content material monetarily in a win-win,” mentioned Fave founder and CEO Jacquelle Amankonah Horton, who beforehand labored at YouTube.
The latest funding may also allow Fave to develop past music fandoms, reaching into different leisure markets, together with film and tv stars, in addition to content material creators. Sooner or later, the corporate additionally plans to discover sports activities groups and associate with trend manufacturers.