Patreon tripled its valuation to $ 4 billion in a $ 155 million funding round led by Tiger Global, the company confirmed to the Wall Street Journal on Tuesday.
The Creators Economy Platform, which allows artists to be directly funded by their fans, has received new attention amid the Covid-19 pandemic, with creators forced to further disseminate their work online. The creators’ payments space has seen a slew of new entrants in recent months, but the eight-year-old Patreon has already built a huge network. In a blog post last year, Patreon noted that more than 30,000 creators signed up for the service in the first weeks of March 2020.
Patreon makes money by taking a 5-12% fee from creators depending on the business services they use. The company completed a $ 90 million round in September that valued the company at $ 1.2 billion.
Other investors in this new round include Woodline Partners, Wellington Management, Lone Pine Capital and New Enterprise Associates, the report notes.