TipSnaps, a black-owned and operated social media company which helps Creators to monetize their content, has announced they are fundraising on crowdsourcing platform Republic. This affiliation enables everyday people to become early investors in the startup. Notable companies which have raised money on Republic include SpaceX, Robinhood and GoPuff.
TipSnaps has over 450K registered users and has paid out almost $2M to content creators. TipSnaps has been valued at $15M and is forecasted to triple their value within the next year.
TipSnaps believes in changing the landscape for the creator economy by ensuring that creators of color have access to the same opportunities as their white counterparts. They hope to drive their mission forward through their first-to-market feature TipPools. The fan-engagement feature allows the fans to pool money and collectively crowdfund for content requests. More specifically, with this feature fans now have a ‘feedback loop’, allowing them to challenge their favorite content creator to make custom content.
“TipSnaps offers a more attractive value proposition than our competitors because we’re more tightly focused, with greater customization, and have an impactful mission to support diversity within the creator economy,” states Founder, Lyonel Dougè. “Although Black & Brown Content Creators drive culture on Social media, their content is taken for granted by incumbent social media platforms.”
Republic offers anyone the opportunity to invest in businesses such as a startup like TipSnaps to new crypto platforms. Potential investors simply register and research the variety of investment opportunities that exist. Each one comes with a minimum investment requirement—which varies from business to business. “Having an opportunity to raise money on Republic is a great opportunity for us because it aligns with our core values—equity and building wealth. Our long-term goal, for content creators, is to use TipSnaps as a vehicle to narrow the widening wealth gap in this country,” said Vic Boddie, CFO of TipSnaps.