MUMBAI : Fave, the platform for superfans, has secured another $2 million in an ongoing round, which is expected to surpass a total of $6 million. Several major institutional investors have reaffirmed their commitment to Fave’s vision and business and are increasing their investment in the startup, including Warner Music, Sony Music, and Female Founders Fund. This raise follows Fave’s history-making $2.2 million seed round, the most funding ever raised by a Black female in entertainment and media.

New investors to Fave include top leaders in tech, consumer internet, and music, such as music industry veteran Lyor Cohen, Shiva Rajaraman (CBO of OpenSea, former VP of Commerce at Meta and VP at Spotify), Alexandra Moore (CBO at EMPIRE, former GM at Amazon), Gen-Z expert and gaming investor Faye Maidment as part of the Atomico Angel Program, and Switzerland-based investors Alberto Cozzi and Mario Andrea Cozzi.  Several funds also joined this round, including Xoogler.co (a selective fund investing in former Google employee startups), Goodwater, and Gaingels.

"Fave is clearly on its way. Excited about Jacquelle's leadership and I can't think of a better person to take on this mission,” Rajaraman said regarding his involvement in the round. “She's crafted a clear plan with high impact that puts fans first while making it easy for creators to engage. It's my honor to join this round and support the team."

Supporting the superfan economy, estimated by Goldman Sachs to have the potential to reach more than $4 billion in coming years, Fave has become a home for avid music lovers, from Swifties to Harries, who need a place to gather, share their excitement, and create new bonds. Fave allows fans to earn status documenting their fan activities that show off their commitment as fans. Fave also includes a reputation-based marketplace where fans can buy and sell everything from tickets to handcrafted merch from trusted verified fans.

The company struck groundbreaking deals with major music companies thanks to its AI-powered fan intelligence and its laser focus on empowering superfans. It will soon be launching its suite of products for artist teams to find and reach superfans using this unique intelligence. Fave will deploy the capital from this current round to deepen the power of these tools, to expand them into other entertainment markets, and to create more meaningful ways for fans to come together on- and offline, like never before.

“We’ve spent years advocating for superfans. The entertainment business has started to understand just how crucial they are to artists’ longevity, and they are turning to us as the experts,” explains Fave founder and CEO, Jacquelle Amankonah Horton. “We’ve thankfully built strong trust with fans, and our products are seen as win-win, finally allowing the industry to efficiently see who an artist’s biggest supporters are, what activities they are engaging in across the fan experience, and at what intensity level - even the things fans do that no one else captures like having a tattoo about the artist or memorizing all of their lyrics - which are far better signs of fandom than the blackbox of streaming data alone.“

“The strength of our relationships across the music industry has allowed us to turn our supporters into our customers, and we’re excited to move into creator communities beyond music that can just as powerfully benefit from recognizing and better understanding their most passionate fans.”