San Francisco-based crowdfunding membership platform Patreon has raised $60 million in a Series D funding round.
Leading the round was global equity firm Glade Brook Capital.
The platform’s total funding now stands at $166m, reports Forbes, which adds that Patreon’s revenues were $35m in 2018.
Writing in a blog post on Tuesday (July 16), Patreon co-founder Jack Conte said that this round of funding sees the company take investment from creators/artists for the first time, “something [they have] wanted to do for a long time” with the likes of Serj Tankian now investing in the startup.
In addition to lead investor Glade Brook Capital, previous investors Thrive Capital, Initialized, Index Ventures, DFJ, Freestyle Capital, Charles River Ventures, and Otherwise joined the funding round.
Patreon says that in 2019 it expects to pass $1 billion in payments made to creators since the platform was first launched by co-founders Conte and Sam Yam in 2013.
There are currently over 3m patrons supporting more than 100,000 creators on the platform.
“Patreon fulfills a unique need for creators, leveraging the deep, personal connections they’ve fostered with their fans to get them paid for the value of their work. This is not a new concept; this is membership by Patreon. And it’s working.”
Jack Conte, Patreon
Jack Conte said: “I speak for the whole Patreon team when I say how excited we are to announce that Patreon raised a $60m Series D to continue our mission to fund the creative class through membership.
“We’re six years into building Patreon and it’s become obvious to the world how important creators are to society. How podcasters, video creators, musicians, gamers, and illustrators are literally creating a better, smarter, more inspiring future.”
Added Conte: “When Sam [Yam] and I launched Patreon, it was in response to a broken system where creative work on the internet was being used to funnel massive profits to big companies without valuing or rewarding the creators.
“This core problem has only intensified despite others launching Patreon-like membership features. Yet the fundamental system remains broken; other companies still continue to prioritize advertising dollars over creators.
“Meanwhile, creators have many options when it comes to sharing their work and cultivating a following on the internet, but few opportunities to obtain and enjoy consistent income.
“Patreon fulfills a unique need for creators, leveraging the deep, personal connections they’ve fostered with their fans to get them paid for the value of their work. This is not a new concept; this is membership by Patreon. And it’s working.”Music Business Worldwide
