Patreon Fuels the Future of the Creator Economy with $155 Million in Additional Funding
SAN FRANCISCO, April 7, 2021 /PRNewswire/ -- Patreon, a platform for creators and their most passionate fans, today announced it has 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, New Enterprise Associates (NEA), Glade Brook Capital, and DFJ Growth. This investment comes as the number of creators continues to increase worldwide along with their desire to create deeper connections with their fans. The additional investment increases Patreon's valuation to $4 billion.
"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 accelerate its progress on the initiatives identified in its Series E announcement, inluding enhanced 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 further 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.
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