- Patreon announced this week that it has raised $90 million in a round of funding at a valuation of $1.2 billion. And the company has paid out $2 billion for creators to date.
Patreon, a company that runs a platform for creators to earn money through subscriptions, announced this week that it has raised $90 million in a round of funding at a valuation of $1.2 billion. With this funding round, the company is planning to expand internationally and build more tools for creators.
The valuation of the company was revealed in a video by Patreon CEO Jack Conte. Conte also revealed that creators have made $2 billion so far through the platform. And in a couple of months, creators will be making $1 billion per year through the platform:
Patreon now has over 200,000 creators so far. And there are 6 million “patrons” on the platform to discover creators.
“Over the years, I’ve had the honor of listening to thousands of stories. These are no longer the stories of creators getting screwed by a broken system. These are the stories of thriving creative businesses. They have evolved from kitchen table recordings to high-end studios. From coffee houses to large concert halls. From flying solo to employing large teams. By building your content and community on Patreon YOU proved the power of creative independence,” wrote Conte in a blog post.
This Series E round of funding brings the company’s total funding to $255 million. The latest funding round was co-led by New Enterprise Associates (NEA) and Wellington Management with new investor Lone Pine.