Disclaimer: This is a personal investment thesis written for my own records and published for educational purposes. It is not investment advice. I invested £500 in Fanbase via Republic. All startup investments carry significant risk, including the total loss of capital.
Company Snapshot
Fanbase is a subscription-based social network designed to help creators monetise their content and build deeper relationships with their most engaged fans. Unlike ad-supported platforms (Instagram, TikTok), Fanbase's model puts the revenue relationship directly between creator and fan.
The company is raising on Republic under Regulation CF.
The Market (The Wave)
The creator economy is one of the most significant structural shifts in media of the last decade. Estimates put the total market at over $100 billion globally, with subscription-based creator platforms (Substack, Patreon, OnlyFans) capturing an increasingly large share.
The key insight is that the ad-supported model is fundamentally misaligned with creator interests. Platforms optimise for engagement and ad revenue; creators want sustainable income and direct fan relationships. Fanbase is betting that a critical mass of creators will migrate toward platforms that serve their economic interests.
Why now? Creator burnout from algorithm dependency is at an all-time high. The macro shift toward subscription-based media (Spotify, Netflix, Substack) has trained consumers to pay for content they value. The timing feels right.
The Team (The Surfer)
The founding team has direct experience in both the creator economy and social platform development. The CEO has a background in entertainment and media, which is directly relevant to the creator-facing side of the business.
KingsCrowd Score: 3.8/5 — Above our 3.5 threshold.
Differentiation (The Moat)
Fanbase's differentiation is its focus on the subscription-first model from day one, rather than bolting monetisation onto an existing ad-supported platform. Network effects are the primary moat — as more creators build audiences on Fanbase, the platform becomes more valuable to both creators and fans.
The risk is that this moat takes time to build, and the platform faces competition from well-capitalised incumbents (Patreon, Meta, YouTube).
Performance & Financials
At the time of investment, Fanbase had demonstrated meaningful user growth and creator sign-ups. The company is pre-profitability, which is expected at this stage, but the unit economics of the subscription model are inherently more predictable than ad-supported alternatives.
Risk Factors
- Platform competition: Meta, YouTube, and TikTok have all launched creator monetisation features. The incumbents have enormous distribution advantages.
- Creator acquisition cost: Attracting high-quality creators is expensive. The company will need to demonstrate it can do this efficiently.
- Consumer behaviour: Getting fans to pay for content they currently receive for free is a genuine behavioural hurdle.
- Liquidity: As with all equity crowdfunding investments, this is highly illiquid. Exit could be 5-10 years away, if it happens at all.
Go/No-Go Decision
GO — £500 committed.
The creator economy thesis is compelling, the timing is right, and the subscription-first model is the correct structural bet. The KingsCrowd score of 3.8 clears our threshold. The position size (£500) reflects the high risk profile — this is a speculative bet, not a core holding.
Current Status (Feb 2026): Active. Estimated value: £620. Unrealised gain: +£120 (+24%).
