Isaac Hayes III is first Black entrepreneur to raise $10 million in crowdfunding

Isaac Hayes III, the son of the legendary African-American musician and actor Isaac Hayes, operates a subscription-based social media platform called Fanbase. The platform allows users to monetize their content and connect with their audience through various media features.

He recently made history as the first Black entrepreneur to raise an impressive $10 million in crowdfunding. In October, it was announced that the platform’s equity crowdfunding round had successfully crossed $4.50 million, bringing the total amount raised by Fanbase 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.”

According to him, the crowdfunding also aligns with the company’s mission of “Be you. Without limits.” He noted that the move backs the industry target, where every user can access and engage with a global audience free from traditional constraints.

What is more, the company’s move exemplifies its commitment to growth and inclusivity, allowing everyday people to become stakeholders in startups they support, he said.

The proceeds from this latest round are reserved for enhancing user experience, developing creator tools, and expanding marketing efforts for Fanbase to reach a wider audience, the statement said.

Meanwhile, Hayes III previously spoke to “REVOLT Black News Weekly” about the reason behind the launch of his platform. According to him, he wanted everybody to monetize their content and capitalize on the new world.

“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.