According to technology news outlet, TechCrunch, the company is expecting the round to surpass $6m and is backed by investors such as the Female Founders Fund, Warner Music and Sony Music.
Fave previously raised $2.2m in 2021, and the company’s current valuation is $15m.
More than 50,000 devoted fans have signed up to the Fave platform, including supporters of Harry Styles, Taylor Swift, Beyoncé and BTS. Fans have shared concert clips, posted fan-made art and relayed their craziest fan stories.
The app also boasts a ‘Fan Verification’ feature, which it launched last year, where fans are ranked according to their status: Fan, Verified Fan and Verified Superfan. Users are able to earn points based on their streaming activity, concert and event attendance, proof they have met their favourite artist, as well as more extreme acts of support like getting a tattoo.
Fans then compete against each other to unlock perks such as concert tickets, exclusive events, early access and more.
Founder and chief executive Jacqueline Amankonah Horton told TechCrunch: “[Fave] will continue to experiment to land on the right mix of margin for the business operations at increasing scale and creating a motivating set-up for fans to earn a proper living from their incredible work and creativity found in the marketplace.”