Web3 platform Fanztar Raises INR 5 Crores in Seed Funding
The startup plans to scale existing operations, strengthen team, and launch their product with the funding
Web3 platform Fanztar announced that raised INR 5 crores in a seed funding round. The creator economy focused platform's seed round saw participation from India Quotient, a seed-to-early-stage venture capital firm.
The round also saw participation from Ankush Sachdeva, Bhanu Pratap Singh & Farid Ahsan, founders, ShareChat Founders, Sarthak Misra, Investment Director, Softbank India, and Tarsame Mittal, founder, TM Ventures.
The creative startup was found by IIT Delhi alumnus by Sahil Singla and Himanshu Garg in February 2022.
The company is working on products that can help creators engage with their audiences and enable both parties to monetise directly. Through the platform, consumers can buy fan cards and earn royalty by owning stake in their chosen creator's future. The web3 startup will be launching its business soon.
On the funding, Himanshu Garg, Co- Founder & CEO, Fanztar, said, "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 monetisation, engagement and advocacy in the form of incentivised fans."
Fanztar plans to utilize the funds towards robust product development to cater to the evolving market demands. Additionally, the company is also planning to expand its technology and business teams.
It will also divert the funds towards product innovation and launching the industry-led product in the market to drive the future of creator monetisation.
"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 finally see some long-term applications of blockchain tech emerge. After having watched the market closely, Himanshu and Sahil's approach stood out", said Madhukar Sinha, Founding General Partner at India Quotient.