Mark Cuban's Fireside App Gains NFL Star Backers

Fireside Secures Funding in Seed+ Round

Mark Cuban’s Fireside, a platform designed to facilitate creator-audience interaction through live and virtual events, is nearing completion of a “seed+” funding round, according to two individuals with knowledge of the negotiations.

Investor Participation

Commitments for this financing have been secured from a diverse group of investors. These include The Chainsmokers, HBSE, Goodwater, Animal Capital, and prominent NFL players Larry Fitzgerald and Kelvin Beachum, alongside former NBA star Baron Davis. The sources requested anonymity due to the confidential nature of the discussions.

Another source indicated that the round is anticipated to be approximately $10 million in size.

Valuation Details

The seed+ round is structured with an uncapped valuation. This typically grants participating investors the opportunity to acquire equity at a reduced valuation during the subsequent funding round.

It’s important to note that the deal is still under negotiation and the terms are subject to change, sources have cautioned.

Cuban’s Continued Support

Mark Cuban, an entrepreneur and investor, is also participating in this round, having previously invested in Fireside’s seed funding. He confirmed his continued investment in an email to TechCrunch.

“I love what we are doing. So yes I continue to invest. FSC [Fireside Chat] is the first Tactile Entertainment Platform and I think its upside is unlimited. Like their tagline says, ‘Feel the Audience,’” Cuban stated, declining to comment on other investors.

Early Backers and Competitive Landscape

Additional investors in the initial seed round included Precursor Ventures, Chris Voss, and Sujay Jaswa, as reported by the sources. Details regarding these early investments were not previously publicized.

Fireside operates within a growing market, competing with startups like Clubhouse (backed by Andreessen Horowitz) and Callin (founded by David Sacks), all of which are focused on building the next generation of social networks centered around audio.

Platform Features and Creator Appeal

Fireside has successfully attracted several well-known creators to its platform, including Jay Leno and Michael Dell. The platform empowers creators to distribute their content across various channels with ease.

Furthermore, it provides creators with detailed analytics, enabling them to gauge audience engagement and refine their content strategy in real-time.

Future Plans and Innovation

Co-founded by Falon Fatemi, previously a co-founder of Node, Fireside allows creators to monetize their content through ticket sales and subscriptions. The company intends to explore integrating NFTs, cryptocurrency, and merchandising options to further enhance its appeal to creators.

“There is nothing else like it for content creators online. And what we will be able to do for metaverse-based venues is game changing as well,” Cuban explained to TechCrunch. “For the first time, whether it’s Web2, Web3 or VR, we have a tactile platform that allows content creators to hear and see how their audience is responding to live content. It’s as close to being in real life as you can get.”