Online platform Patreon Inc. tripled its valuation to $4 billion in its latest funding round as investors bet on streaming services, the WSJ reported.
- Patreon raised $155 million from investors such as Tiger Global Management, Woodline partners, Wellington Management, Lone Pine Capital, and New Enterprise Associates.
- The company raised $90 million in capital in September, bringing its then-valuation to over $1.2 billion.
- Patreon Chief Executive and Co-Founder Jack Conte said there was already a “changing tide” in the way creators connect with their audiences, and that the pandemic accelerated it.
- The platform has drawn the likes of Grammy-winning guitarist Steve Vai and the True Crime Obsessed podcast. It now has over 200,000 creators supported by some 7 million fans.
- Patron is currently not profitable. It offers three levels of membership for creators, and takes a 5% to 12% cut of the monthly income earned, on top of a payment processing fee.
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