Patreon just got a boatload of fresh funding — and the creator-monetization platform says it now has a valuation of $4 billion, more than tripling from its most recent raise in September 2020.
The San Francisco-based company said it raised $155 Million in Series F financing led by new investor Tiger Global Management, with participation from Woodline Partners and existing investors Wellington Management, Lone Pine Capital, NEA, Glade Brook Capital and DFJ Growth. The funding brings the company to a total of $410 million raised to date.
Patreon said the additional funding will let it “explore” potential acquisitions, as well as accelerate initiatives it previously outlined — including to enhance creator and fan experiences on both PCs and mobile devices; expand internationally; and develop new content consumption tools. Last year, Patreon added support for new languages and currencies, new messaging functionality and annual memberships.
Founded in 2013, Patreon today hosts more than 200,000 creators — who produce and distribute original podcasts, videos, music, visual art, writing and other content on the platform — connecting them with more than 7 million fans. The company says creators have earned more than $2 billion since the company’s inception.
Patreon CEO and co-founder Jack Conte (pictured above) said his company started out eight years ago by giving creators content monetization and community features. Over the next decade, Patreon will build “the creator infrastructure that supports a Second Renaissance,” he said in a statement.
Patreon was co-founded by Conte, a musician who had grown frustrated trying to earn a living on YouTube, and Sam Yam, an entrepreneur and software engineer (and Conte’s former roommate at Stanford) who serves as the company’s president and CTO.
“The financial model in the first 20 years of the web was turning it into a billboard,” Conte told Variety in a recent interview. “That was awesome for distribution. The trouble is, hundreds of years of payment models got left by the wayside and were forgotten.”
Patreon offers three different packages for creators, with additional features and benefits at higher levels: Lite (with the company keeping 5% of gross earnings), Pro (8%) and Premium (12%).
“The world is shifting toward a creator economy, of which Patreon has been a longstanding champion, and the opportunity for the team to continue spearheading this movement is significant,” Evan Feinberg, Tiger Global Management partner, said in a statement. “We believe Patreon can be a transformative, culture-defining company and we are excited to partner with them.”
Earlier this year, Patreon inked a deal with podcaster Joe Budden (whose exclusive deal with Spotify ended last September), who has taken an advisory role as the company’s head of creator equity. Budden also launched three subscription plans on Patreon.