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Fanztar, a Web3 monetization platform for creators has raised Rs 5 crore in series seed round funding led by India-based early-stage venture firm India Quotient.
The funding series also saw participation from ShareChat Founders, Ankush Sachdeva, Bhanu Pratap Singh & Farid Ahsan, Sarthak Misra (Softbank India), Manohar Charan (CFO, ShareChat), and Tarsame Mittal (TM Ventures).
Fanztar plans to utilize the funds towards robust product development to cater to the evolving market demands.
Additionally, the Web3 platform will also expand their technology and 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.
Speaking on the fundraise, Himanshu Garg, Co-Founder & CEO of Fanztar said, “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.”
“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 and 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” Sahil Singla, Co-Founder & CTO of Fanztar added.
Commenting on the investment in the Web 3 creator platform, Madhukar Sinha, Founding General Partner at India Quotient said, “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.”
“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 are going to be brands of their own and a lot needs to be built to unlock the full potential of the creator ecosystem,” Ankush Sachdeva (Co-Founder & CEO, ShareChat & Moj) further added.