SAN FRANCISCO — Patreon, a platform that helps creators raise money from their fans, has found its own heavy-hitting patrons to invest $155 million in the company. The Series F financing was led by new investor Tiger Global Management, with participation from Woodline Partners and existing investors Wellington Management, Lone Pine Capital, New Enterprise Associates (NEA), Glade Brook Capital, and DFJ Growth. The new investment increases Patreon’s valuation to $4 billion.
Co-founded in 2013 by YouTube star Jack Conte and Sam Yam, Patreon is a membership platform that connects creators and their most passionate fans. Patreon’s 200,000+ creators have connected with more than 7 million fans via the service that has helped them earn more than $2 billion since the company’s inception. Creators of all types – from podcast, video, music, visual arts, gaming and more – use Patreon to share exclusive content, monetize their craft, and engage directly with their biggest fans via content and community.
Patreon charges creators fees ranging from 5-12% of income earned each month plus payment processing fees.
“When Sam and I started Patreon eight years ago, we were solving a clear problem: collapsing the gap between the impact that creators have in the world and their paychecks at the end of the month,” said Jack Conte, CEO and co-founder of Patreon. “That world is quickly becoming a reality, and the emerging creative class is already scaling their dreams. We’re starting with content and community capabilities, but over the next decade we’re setting out to build the creator infrastructure that supports a Second Renaissance.”
Patreon plans to use the additional funds to enhance creator and fan experiences on both desktop and mobile; International expansion; and new content consumption tools. The financing also allows Patreon to explore potential acquisitions to expand its talent and product capabilities.
“The world is shifting toward a creator economy, of which Patreon has been a long-standing champion, and the opportunity for the team to continue spearheading this movement is significant,” said Evan Feinberg, Partner, Tiger Global Management. “We believe Patreon can be a transformative, culture-defining company and we are excited to partner with them.”
While the pandemic has been a catalyst for the growth of the creator economy, Patreon has paved the path for creative independence since its inception in 2013. Today, Patreon is home to more than 200,000 creators of all types – from podcasts, videos, music, visual art, writing and more – who are sharing and monetizing their craft while cultivating deeper connections with their most loyal fans. In 2020, Patreon added new languages, currencies, messaging functionality, merchandise and annual memberships, enhancing the fan experience on behalf of creators around the globe. Creators have expanded their earnings on Patreon considerably over the past year and today are earning over $100 million per month from 7 million patrons.