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Home Business Patreon is now valued at $4bn after raising $155m in latest funding...

Patreon is now valued at $4bn after raising $155m in latest funding round – Music Business Worldwide

San Francisco-based crowdfunding/membership platform Patreon has simply raised $155 million in Series F financing, growing its valuation to $4 billion.

Patreon (which artists use to supply unique content material) beforehand raised $90m in September 2020, valuing the corporate at $1.2 billion.

According to Patreon, its 200,000 creators throughout podcasts, movies, music, visible artwork, writing and extra are incomes over $100 million per 30 days from 7 million patrons.

Patreon’s creators have earned greater than $2bn because the firm’s inception in 2013.

The funding round was led by new investor Tiger Global Management, with participation from Woodline Partners and current traders Wellington Management, Lone Pine Capital, New Enterprise Associates (NEA), Glade Brook Capital, and DFJ Growth.

Patreon plans to make use of the extra funds to speed up its progress on initiatives together with enhanced creator and fan experiences on each desktop and cellular, worldwide enlargement and new content material consumption instruments.

The financing additionally permits Patreon to discover potential acquisitions to additional develop its expertise and product capabilities.

In 2020, Patreon added new languages, currencies, messaging performance, merchandise and annual memberships.

The platform introduced in May that over 70,000 new creators had launched on the platform since mid-March.

During that point, Patreon noticed a 150% improve in the variety of musicians launching and a 57% improve in the variety of video creators launching.

“We’re starting with content and community capabilities, but over the next decade we’re setting out to build the creator infrastructure that supports a Second Renaissance.”

Jack Conte, Patreon

Jack Conte, CEO and co-founding father of Patreon, mentioned: “When Sam and I began Patreon eight years in the past, we had been fixing a transparent downside: collapsing the hole between the influence that creators have in the world and their paychecks at the top of the month.

“That world is rapidly turning into a actuality, and the rising inventive class is already scaling their goals.

“We’re starting with content and community capabilities, but over the next decade we’re setting out to build the creator infrastructure that supports a Second Renaissance.”

“We believe Patreon can be a transformative, culture-defining company and we are excited to partner with them.”

Evan Feinberg, Tiger Global Management

Evan Feinberg, Partner, Tiger Global Management, mentioned: “The world is shifting towards a creator financial system, of which Patreon has been an extended-standing champion, and the chance for the staff to proceed spearheading this motion is important.

“We believe Patreon can be a transformative, culture-defining company and we are excited to partner with them.”

 Music Business Worldwide

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