Patreon valuation hits $1.2bn as it raises $90m in new funding round
Patreon is now valued at more than $1bn as it announced it had raised $90m in a new funding round which it will use to expand internationally.
Patreon, whose platform lets creators earn money from fans through a subscription service, said it had secured an additional round of $90m (£67.42m) in funding in a Series E raise.
In a video, founder Jack Conte revealed the platform’s $1.2bn (£900m) valuation for the first time. He said the company had never disclosed it before “because I didn’t want to make it about Pateron – I wanted to make it about our creators.”
“It’s a significant moment and I do want to give it the gravity it deserves”, he added.
Patreon boasts more than 200,000 creators on its platform who have collectively earned $2bn (£1.5bn) from their fans. There are around 6m subscribers, which the platform calls patrons, who use Patreon.
In a blog post, Conte said it had taken six years for creators to earn $1bn through Patreon and just over a year to earn the second.
With 75 per cent of creators and patrons residing outside the US, the new round of investment will be used to expand Patreon’s global reach.
In February the company opened offices in Berlin and Dublin as well as adding Euros and Sterling as currencies.
Patreon also wants to “enhance the patron experience” with new features in development which include updated messaging features. Search discovery tools will also help creators
The funding round brings the total raised by Patron to $255m. The latest round was co-led by New Enterprise Associates and Wellington Management with new investor Lone Pine.
Existing investors include Glade Brook Capital, Thrive Capital, DFJ Growth and Index Ventures.