Subscription-focused crowdfunding site Patreon announced Tuesday that it has raised a $60 million Series C round of funding. The company wants to use the cash infusion to further build out its platform, grow its staff and target new markets around the world.
“We will be scaling our team, building faster, and building more — all to get you paid,” said Patreon founder and CEO Jack Conte in a blog post announcing the financing. “There’s a great world coming for creators!”
Patreon’s pitch to podcasters, musicians and other creators has been its ability to unlock alternative revenue streams through subscriptions and recurring patronage. “Lots of creators are relying on an ad-supported model,” said Patreon VP of data science and operations Carlos Cabrera during a recent interview with Variety. “That model is broken.”
The company announced earlier this year that it was going to help creators raise $150 million this year, but Cabrera said that the company is now on track to exceed this goal. The service now has over 50,000 active creators, and more than one million paying members, or patrons. On average, these patrons pay $12 each to their favorite creators.
Including the new funding, Patreon has raised around $107 million to date. The company currently employs 80 people, which are all based in San Francisco. Cabrera said that Patreon wants to quickly hire more people to further build out its product, including through integration of third-party services for features like live streaming and chat to give creators more ways of communicating with their members.
The new, over-subscribed round of financing is once again being led by existing backer Thrive Capital, with existing investors Index Fund, Charles River Ventures and Freestyle Capital participating as well. The company was also able to add a new backer with DJV Venture Capital.