You’ve probably heard it plugged by your favorite podcaster or perhaps you’ve used it yourself to make some extra cash. San Francisco-based company Patreon gives content creators a way to earn money from fans through a tiered subscription-based service.
The e-commerce platform announced Wednesday that it raised $90 million in a round co-led by New Enterprise Associates and Wellington Management. The Series E brings Patreon’s valuation to $1.2 billion.
“We’ve never released [our] valuation before,” Jack Conte, CEO of Patreon, said in a video statement. “The reason we haven’t talked about [it] is because I [didn’t] want to make it about Patreon, I want to make it about our creators. I want to make it about the things that they’re doing, the businesses they’re building, their stories, the way that they’re changing creativity.”
The newly minted unicorn will use the additional capital to expand its international operations and continue enhancing the user experience with new tools for creators and their fans.
“This means more patrons for creators, more value for creators, more ability for creators to grow their businesses,” Conte said.
As part of its international expansion, the platform’s interface will soon be made available in French, Italian and Spanish. The platform launched in German earlier this year.
Creatives of any kind are welcomed on the platform. Musicians, writers, game developers and more use Patreon to develop an online following and foster ongoing financial support. More than 200,000 creators have collectively earned $2 billion from their fans to date, according to the company.
“This is a big moment for creativity,” Conte said. “The stigma of the starving artist is going to fade away.”
Patreon, founded in 2013, has nearly six million subscribers. The company has raised $255.9 million in venture capital financing to date, according to Crunchbase.
“This level of belief in Patreon is proof. It’s proof that the world is changing, the world is different than it was seven years ago. It is now possible to be an independent, financially viable, creative business on the web and be killin’ it,” Conte said.
Additional investors Lone Pine and Gladebrook Capital participated in the round, among others.
