We first wrote about Fave as one of this year’s cohort of startups taking part in the Techstars Music accelerator. We described it as focusing on ‘superfan gamification’ then, but now we know a little more about what it’s planning, and the first tranche of companies investing in it.
TechCrunch reported that Fave has raised a $2.2m seed funding round, with Sony Music, Warner Music, Hybe (formerly Big Hit Entertainment), Concord Music and Quality Control among the investors, as well as Techstars Music itself.
“Fave is broken down by fandoms (starting with Swifties/Taylor Swift), allowing fans to connect with one another, create content and buy and sell fan-themed merchandise and artwork to one another,” explained the piece. “Fave’s go-to-market is focused on the fans themselves, though the hope is to also bring creators on to the platform, which ultimately gives them another revenue stream.” The company will be taking a 10% cut of the transactions on its service.
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