Patreon Says It Has a $4 Billion Valuation After Raising $155 Million in New Funding
Patreon has just received a boatload of new funding - and the creator monetization platform says it is now worth $ 4 billion, more than triple the last increase in September 2020.
The San Francisco-based company announced that it has raised $ 155 million, led by new investor Tiger Global Management, with the participation of Woodline Partners and existing investors Wellington Management, Lone Pine Capital, NEA, Glade Brook Capital and DFJ Growth Series F funding. The funding brings the company to a total of $ 410 million raised to date.
More from diversity
After the Nixing Spotify Pact, Joe Budden starts subscribing to Patreon and joins as a consultant for "Creator Equity"
Patreon raises $ 90 million for funding, creator membership platform worth $ 1.2 billion
Rapper Talib Kweli is the first major artist to release the album Via Patreon
Patreon said the additional funding will allow him to "explore" potential acquisitions and accelerate the initiatives outlined above - including improving the creator and fan experiences on both personal computers and mobile devices; expand internationally; and develop new tools for consuming content. Last year Patreon added support for new languages and currencies, new messaging features, and annual memberships.
Founded in 2013, Patreon is now home to 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. According to the company, the developers have made more than $ 2 billion since the company was founded.
Patreon CEO and co-founder Jack Conte (pictured above) said his company started bringing content monetization and community features to developers eight years ago. Over the next decade, Patreon will "build the creator infrastructure that will support a second renaissance," he said in a statement.
Patreon was co-founded by Conte, a musician who was frustrated with making a living on YouTube, and Sam Yam, an entrepreneur and software engineer (and Conte's former Stanford roommate) who serves as the company's president and CTO.
"The financial model in the first 20 years of the web turned it into a billboard," Conte Variety said in a recent interview. “That was great for sales. The problem is, hundreds of years of payment models have fallen by the wayside and been forgotten. "
Patreon offers three different packages for developers with additional features and benefits at higher levels: Lite (with the company keeping 5% of gross income), Pro (8%), and Premium (12%).
"The world is shifting towards a creative economy, of which Patreon is longtime champion, and the opportunity for the team to continue that movement is significant," said Evan Feinberg, partner at Tiger Global Management, in a statement. "We believe Patreon can be a transformative, culture-defining company and we look forward to working with them."
Earlier this year, Patreon signed a contract with podcaster Joe Budden (whose exclusive deal with Spotify ended last September), who has assumed an advisory role as the company's Head of Creator Equity. Budden also launched three subscriptions to Patreon.
Best of variety
10 Monster Godzilla should fight next
What's coming to Disney Plus in April 2021?
Everything comes to Netflix in April 2021
Sign up for the Variety newsletter. Follow us on Facebook, Twitter and Instagram for the latest news.
Mention your own website in this post for Advertisement
Prince Philip’s Daughter-In-Law, Sophie, Countess Of Wessex, Discusses His Final Moments
CDC chief urges Michigan to ‘close things down’ amid alarming COVID-19 spike
NFL Legend Troy Aikman Reveals He Still Has Abs in a New Shirtless Photo
Gregg Popovich, Doc Rivers speak out after Daunte Wright shooting: ‘We’re canceling Black lives’
NFL Rumors: Russell Wilson, Pete Carroll reportedly reached out to Giovani Bernard
U.S. senator wants to ban Big Tech from buying anything ever again