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Patreon Raises $60 Million in New Funding

Membership services startup Patreon just got a major cash infusion: The company announced Tuesday that it has raised a $60 million Series D round of funding led by Glade Brook Capital.

Existing investors Thrive Capital, Initialized, Index Ventures, DFJ, Freestyle Capital, Charles River Ventures and Otherwise participated in the funding round as well, which brings the total amount of money raised by Patreon thus far to $166 million.

“Memberships works,” said CEO Jack Conte in a blog post Tuesday. “By the end of this year, we’ll have the true honor to say we’ve paid out over $1 billion to creators worldwide, and we’re ready to step it up even more with this series D.”

Patreon has seen some impressive growth over the past couple of years. In addition to the aforementioned $1 billion the company is expecting to pay out this year, it announced in January that it had surpassed 3 million patrons, who were supporting over 100,000 creators with recurring payments.

More recently, Patreon has also taken steps to make sure that memberships also work as a money-maker for the startup. To that end, Patreon tweaked its membership levels in March, introducing new fees for micropayments, as well as a 3% fee increase for new mid-level creators.

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“We are able to create a long-term, sustainable, viable company,” Patreon senior vice president of product Wyatt Jenkins told Variety at the time about the move to the new fee structure.

“This funding moves us faster toward building the world-class global membership platform that creators need,” Conte said Tuesday, explaining that the company was going to use the new cash infusion for adding new currencies, payment methods and languages to support creatives around the globe. He added that the company was also going to reevaluate its mobile experience, and add more tools for creators to directly engage with their supporters.

 

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