Hayes Smashes Fundraising Record for Black Founders
Isaac Hayes III, founder of the subscription-based social media platform Fanbase, has cemented his place in history as the first ever Black entrepreneur to raise $10 million in equity crowdfunding.
“I am the first Black person to raise $10 million in Reg CF equity crowdfunding,” boasted Hayes on Instagram.
Hayes, son of the legendary musician Isaac Hayes, crossed this historic fundraising threshold in late October 2022. Fanbase’s latest crowdfunding round topped $4.5 million, pushing total capital raised past the $10 million mark.
Democratizing Startup Investing Through Equity Crowdfunding
Fanbase’s pioneering equity crowdfunding approach aligns with the platform’s mantra to “Be you. Without limits.”
By allowing everyday supporters to literally invest in Fanbase’s success, the company is building an inclusive ecosystem where creators, fans, and investors all benefit collectively.
As Hayes said: “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.”
Equity crowdfunding has democratized startup investing since the JOBS Act eased regulations. Fanbase exemplifies how this model can foster inclusive growth.
Investing in Fanbase’s Future and Expanding Reach
The additional $10 million in funding will supercharge Fanbase’s product roadmap and marketing efforts.
Hayes plans to keep enhancing Fanbase’s creator tools and user experience to empower more content creators to monetize their audience and tap into new opportunities.
“It’s really important that everybody is able to monetize their content and capitalize off the new world,” said Hayes about his vision.
With the capital infusion, Fanbase can boost marketing to expand its subscriber base globally. Hayes has cemented his pioneering status as both an entrepreneur and crowdfunding trailblazer.
