Patreon, whose platform lets creators earn money from fans through subscriptions, has raised $90 million in new funding. The seven-year-old company says it now has a valuation of $1.2 billion, and it’s planning to use the financing to expand internationally and beef up tools for creators (and their fans).
Patreon CEO Jack Conte, in a video announcing the funding Tuesday, said the company has never disclosed its valuation before “because I didn’t want to make it about Patreon — I wanted to make it about our creators.” He also said “it’s a significant moment and I do want to give it the gravity it deserves.”
“This level of belief in Patreon is proof… that the world is changing,” Conte said. “The stigma of the starving artist is going to fade away.”
The Series E funding brings Patreon, founded in 2013, to a total of $255 million raised to date. The latest round was co-led by New Enterprise Associates (NEA) and Wellington Management with new investor Lone Pine. Patreon’s previous round was led by Gladebrook Capital, which also invested the latest round. Its other previous investors are Thrive Capital, DFJ Growth, and Index Ventures.
Today, Patreon has more than 200,000 creators on the platform that have collectively earned $2 billion dollars to date, directly from their fans, according to Conte. “Moving forward, creators from all over the world will be earning at least $1 billion a year on Patreon,” he said in a blog post.
With the $90 million in new funding, Patreon plans to focus on three key areas: international, “enhancing the patron experience,” and helping creators grow their audience with discovery tools, Conte wrote.