FANVUE RAISES $1m TO CHALLENGE ONLYFANS
- “Built by creators for creators”
- Created to address renowned issues of OnlyFans Platform
- Venture valued at $30m pre-money
Fanvue, an all-new platform aiming to shape the future of content monetisation, has raised $1m in the build-up to the product launch.
Founded during the first lockdown in March 2020 by William Monange and YouTuber Joel Morris (JMX), the venture aims to offer all content creators an alternative to OnlyFans and Patreon, tapping into the explosion of the direct-to-fan model within the sector.
Addressing the common complaints and issues regularly raised by creators and users alike on existing platforms, Fanvue will initially focus on improved customer service, better discoverability, as well as advanced analytics and content security technology. The product will launch in the first half of 2021 and already has the backing of a number of unnamed but established content creators from other platforms ready to migrate across at launch. The subscription content creator market is valued by Fanvue at $5-7bn* and used by more than 10 million paying customers a month of the exploding industry dubbed the ‘connection economy’.
Following an initial raise in 2020, a number of existing backers have added further funds in a separate raise in March 2021. This takes the funds raised to over $1m and values the soon to be launched venture at $30m pre-money.
Co-founder Joel Morris said:
“I’m from a creator background and that has made me aware of the serious flaws with current platforms. Fanvue has been built for creators by creators.
“We feel there’s a need for a better subscription platform for content creators tailored to their needs. The current products don’t do justice to the brilliant work of creators.
“Whereas the big platforms already seem out of touch with their creators, especially OnlyFans whose creator support is virtually non-existent and who prefer to pretend that the vast majority of their creators do not exist, Fanvue is designed as a platform inclusive for all creators whether that’s musicians, artists, videographers or adult content.”
Notes to Editors
- William Monange, formerly of BBC & BT, with a tech and content talent management background turned tech Entrepreneur
- Joel Morris is a successful YouTuber, most renowned for his JMX channel which currently has 2.5m subscribers.