Indian blockchain-based Web3 platform for creative monetization Fanztar raised USD 646K (INR 5 crore) in its seed funding. The round took place on May 12, 2022. India Quotient, a seed-to-early-stage venture capital firm, led the financing for Fanztar. Meanwhile, the round saw participation from angel investors. ShareChat founders Ankush Sachdeva, Bhanu Pratap Singh and Farid Ahsan, along with Sarthak Misra (Softbank India), Manohar Charan (CFO, ShareChat) and Tarsame Mittal (TM Ventures), invested in the seed round.
Purpose of Funding for Fanztar
With the latest capital infusion, Fanztar plans to invest in its product development to cater to the evolving market demands.
Besides, the web3 platform will expand its technology. It will also seek to grow its business teams and empower breakthrough creators across the nation. Fanztar will also allocate the funds towards product innovation and launching the industry-led product in the market to drive the future of creator monetization.
What the founder has to say
“We are heading towards a future where web3 will upend business models across industries. For the first time, fans now have an opportunity to become part of the value creation journey of a creator, enabling them to become active players in the process rather than be passive consumers of content. For creators, we are opening up a new channel of monetization, engagement and advocacy in the form of incentivized fans,” said Himanshu Garg, co-founder and CEO of Fanztar.
“Both the markets (Creator economy and NFTs) are growing rapidly and undergoing radical shifts. We believe that the NFT market is undergoing an evolution where the creators will now need to offer substantial recurring value creation as part of NFTs. The creator economy is now being fuelled by an urgent need to monetize content created by millions of creators. Fanztar aims to build a platform at the intersection of these exciting technologies to enable Creators and Fans to monetize their time & attention,” added Sahil Singla, Co-Founder & CTO, Fanztar.
What the investors have to say
“We’re still very early in the evolution of the creator economy. Fanztar’s approach is unique and value-accretive to both creators and their fans. With all the hype around web3 speculation ebbing, we’re excited to see some long-term applications of blockchain tech emerge finally. After watching the market closely, Himanshu and Sahil’s approach stood out”, said Madhukar Sinha, Founding General Partner at India Quotient.
In addition, Ankush Sachdeva, Co-Founder & CEO, ShareChat and Moj, said, “Excited to back Fanztar and be a part of their journey in helping form more meaningful connections between influencers and their fans. Content creators of tomorrow will be brands of their own, and a lot needs to be built to unlock the full potential of the creator ecosystem.”
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