Patreon Raises $60 Million in Funding Round
Patreon, the San Francisco startup that connects creative people with patrons who help support their work through monthly subscriptions, has raised $60 million in funding as it continues to grow its network of creators.
Patreon investor Thrive Capital led the round, which had participation from existing investors Index Ventures, CRV and Freestyle. DFJ also joined the round.
Co-founded by musician Jack Conte in 2013, Patreon gives creatives -- from YouTube stars to podcasters to artists to musicians -- the tools to receive monthly fees from their most loyal fans (on average, patrons pay $12 per month). In June, the company revamped its platform to offer a more comprehensive suite of products to creators, giving them new ways to offer perks to the fans who support them.
Patreon currently has 50,000 creators signed up for its platform who are receiving money from 1 million patrons. The company says it paid $100 million to creators during its first three years as a business. This year, it expects to pay out $150 million.
In a blog post, Conte says the fundraising will allow Patreon to continue to offer new products and features for its creators. The company, which currently has 80 employees, also expects to double in size this year.
"I want creators to feel understood by Patreon," Conte said in the blog post. "I want all 80 folks who work here, and the many more to come, to feel your pain and to feel your joy. I want us to see your trouble, and I want us to grasp the intensity of your grit. This depth of understanding will take time and, while we may never truly arrive, I believe that the team has the charge and fire to get closer than anyone has before."
This article was originally published by The Hollywood Reporter.