Fave, the app dedicated to connecting superfans with their favorite artists, has announced that it has raised $2 million in an ongoing funding round. The company, which allows fans to connect with like-minded individuals and share their passion for music, plans for the funding round to exceed $6 million. Notable investors in this round include the Female Founders Fund, Warner Music, and Sony Music.
Key Takeaway
Fave, the app for superfans, has raised $2 million in an ongoing funding round, with expectations of surpassing $6 million. The app allows superfans to connect with each other and share their passion for music, earning rewards and experiences along the way. Fave also provides a marketplace for fans to resell merchandise and monetize their creativity. With its suite of tools and AI insights, Fave offers a valuable resource for artists to engage with their most devoted fans.
An App for Passionate Fans
Fave has already attracted over 50,000 dedicated fans who use the app to bond over their favorite artists. Whether it’s sharing concert clips, showcasing fan-made art, or recounting their craziest fan experiences, Fave provides a place for superfans to congregate and express their dedication.
The app’s unique “Fan Verification” feature allows users to earn points based on various activities, such as streaming music, attending concerts, or even meeting their favorite artists. These points help fans earn badges and unlock special perks and experiences provided by artists and brand partners. From exclusive events to early access to tickets, Fave rewards fans for their loyalty.
A Marketplace for Fans
But Fave goes beyond just connecting fans with each other. The app also provides a platform for fans to earn revenue. Through Fave’s marketplace, users can resell concert tickets and promote their Etsy shops featuring handcrafted merchandise. While Fave takes a 2.4% transaction fee, the app has experimented with different fee percentages to find the right balance for both the business and the fans.
Artists also have the opportunity to benefit from fan-made content monetarily. They can choose to earn 10% from fans’ sales. This approach sets Fave apart from other platforms and allows artists to support and elevate their fans’ voices.
A Valuable Resource for Artists
Not only does Fave provide a space for fans, but it also offers valuable insights and data to artists and their teams. The app uses generative AI tools and predictive fan intelligence to give artists detailed information about their fanbase. From names and levels of activity to loyalty indicators, Fave helps artists improve their strategies and engage directly with their most devoted fans.
With plans to launch officially at the end of 2023, Fave is set to expand its suite of tools to cater to more artists and entertainment industries. The app aims to venture into movie and TV fandoms, partner with fashion brands, and eventually explore sports teams. With the recent investment of $2 million and ongoing funding, Fave is well-positioned to continue its mission of connecting superfans and creators.
