Fave is the US-based startup that has built a platform for superfans of music artists to congregate. Now it’s raising funding from investors including two major labels.
Sony Music and Warner Music Group have chipped in to a $2m tranche of an ongoing funding round for the company.
TechCrunch reported that Fave expects to ultimately raise $6m from the round, following a previous $2.2m round in 2021. Sony Music and WMG were part of that round too.
Fave has evolved into an app where fans share stories, videos and art based on their favourite artists, while also competing in rankings based on their streaming activity, attendance of live shows and other metrics.
The startup has also launched a marketplace for fan-made merch with artists able to take a 10% cut of sales. YouTube Music boss Lyor Cohen and former Spotify exec Shiva Rajaraman were among the other investors in Fave’s latest funding round.
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