LOS ANGELES--(BUSINESS WIRE)--Afterparty, the platform empowering thousands of creators with the tools and technology for personal fan connections and monetization, announced today that it has secured $5 million in funding. The strategic growth round was led by Blockchange Ventures, with participation from existing investors Acrew Capital, Act One Ventures, and Tamarack Global, as well as new investors Wilson Sonsini and Vinny Lingham.
The funding fuels Afterparty’s latest product development and mission to enable scalable interactivity between creators and fans. Afterparty, whose platform already includes live streaming and 1:1 chats, IRL community events, and collectibles, will soon deliver AI voice, photo, and video messaging. The new platform, Afterparty AI, allows creators to infinitely scale personalized fan interactions while activating fans to generate one-of-a-kind images and videos that live as collectibles on the blockchain.
“We are thrilled to introduce 24/7 interactions between creators and fans with Afterparty AI. The all-new ability to turn one-to-one AI experiences into fan-generated content takes interaction to an entirely new level,” said Afterparty CEO and Founder, David Fields. “Creators retain control over their content, revenue, and fan relationships. Fans get the opportunity to become content creators and participate in the growth and success of those who inspire them.”
“As a team of creators and superfans ourselves, Afterparty AI represents a full realization of our founding vision – to create more meaningful connections through interactive fan experiences and infinitely scale them,” added Fields.
Afterparty AI gives fans 24/7 on-demand access to conversations with their favorite creator’s AI. Images and videos created with Afterparty AI also become one-of-a-kind collectibles unique to each fan who generates them – all of which are verified on the blockchain and can easily be shared on social platforms. Every interaction and piece of content fans share serves as a “point of access” to exclusive experiences, opening up opportunities for fans to connect one-to-one with the creators on Afterparty Livestreams.
“The fragmented landscape of social media and content platforms, marked by limited interactivity and inconsistent monetization models, has put creative freedom, earnings, and fan engagement at stake. Afterparty’s model benefits the entire creator ecosystem,” said Blockchange Ventures Managing Partner, Ken Seiff. “By leveraging the latest technology, starting with blockchain and now with AI, Afterparty puts creators in charge of their own content and revenue in a way that also enhances value for their fans.”
Thousands of creators, including headlining musicians Lauv and Jaden Hossler, dancer and choreographer Matt Steffanina, global podcasters Tana Mongeau and Mads Lewis, and international stars Nicolle Figueroa and Strangehuman, have made Afterparty a pivotal platform in their creative growth and strengthening fan relationships. Artists like Eben, who have taken to Afterparty to release new tracks and EPs, give fans firsthand access to exclusive new content.
"Fans bring so much meaning to my music and personal journey as an artist. With Afterparty, I’ve been able to share new music through Livestreams and connect with them on a much deeper level," said Eben. "Afterparty is more than a platform, it's the place where I give my fans exclusive updates with songs, remixes, and more. I always drop the news on Afterparty before anything else! Time has always been one of the biggest barriers for me to connect with more fans. Now, Afterparty Al gives me an incredibly unique way to engage with hundreds to thousands of fans at any time."
Debuted in 2021, Afterparty has scaled from a token-gated fan access and collectibles platform to an interactive destination delivering the tools and experiences creators want - and need - to regain control of fan relationships and revenue. Afterparty Livestreams give fans one-to-one unfiltered access which has been shown to double or triple creator livestream revenue with a higher CPV (Cost per View) when compared to TikTok Live. IRL experiences, such as token-gated music and art festivals, and curated community events, provide immersive “points of connection” for creators and fan bases.
“We heard from many of our creators in the Afterparty community that DMs were their fans’ most-valued experience. However, with thousands of messages coming in at any given time, they have found it impossible to respond in a more personal way both creators and fans crave,” said Afterparty Co-Founder, Robert Graham. “With Afterparty AI, we have developed a proprietary system from the ground up to scale creator-fan interactions. We work closely with creators to ensure that the AI experience is truly authentic to them in the same way we built our creator tools and IRL experiences.”
Afterparty’s rapidly expanding community and suite of platform tools continue to scale with the booming creator economy, an industry that is expected to double over the next five years to $480 billion by 2027 from $250 billion today. With a reported $300 million in venture capital going towards creator-focused AI startups in Q2 of 2023 alone, Afterparty AI marks a strategic and timely opportunity to capture AI market share.
The strategic growth round brings total capital raised to $12 million. Paris Hilton’s 11:11 Media, Spencer Rascoff, Jason Calacanis, and Kygo’s Palm Tree Crew are among the dynamic community of investors who have participated in Afterparty’s previous rounds, including $4 million unsolicited funding in 2022 and a $3 million pre-seed round in 2021.
To learn more about Afterparty, visit afterparty.com.
About Afterparty
Afterparty is the platform delivering the creator tools and technology that scale one-to-one fan interactions. Founded in 2021, Afterparty’s suite of creator tools and fan experiences streamlines content monetization and ownership. Afterparty, whose team is always innovating on behalf of its thousands-strong community, leverages cutting-edge technologies like blockchain and AI to empower creators in strengthening fan relationships. Today, Afterparty is making fan interactions infinitely scalable through one-of-a-kind fan-generated content. To learn more, visit afterparty.com.
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