Patreon, the US-based creative subscription platform backed by talent agencies CAA and UTA, yesterday picked up $60m in a series D round led by Glade Brook Capital.
Thrive Capital, Initialized, Index Ventures, DFJ, Freestyle Capital, CRV and Otherwise also took part in the round. Seri Tankian and Hannibal Buress, two creators using Patreon, have also participated in the round.
Founded in 2013, Patreon has built a platform for users to subscribe to artists in return for access to exclusive content. The service hosts a wide range of creatives, from musicians, videographers and podcasters to writers, bloggers and webcomic artists.
The platform essentially replicates arts patronage, enabling fans to support the work of artists they enjoy and, in some cases, enabling producers to make a living out of their subscriptions.
Patreon is targeting more than $1bn of money paid to creators by the end of the year and expects the series D round will accelerate growth to a stated goal of $10bn of payouts. The company will add additional currencies, payment methods and languages to the service.
The company has already opened a new office in Porto, Portugal, to drive its international expansion efforts and is exploring additional locations. It has also added a full-service fulfillment product to its offering.
Patreon has raised $167m in funding to date. Thrive Capital previously led a $60m series C round in 2017, with participation from Index Ventures, CRV, Freestyle Capital and DFJ’s Growth Fund.
CAA Ventures and UTA Ventures, respective corporate venturing divisions for CAA and UTA, took part in a $15m series A round in 2014 alongside Index Ventures, CRV, Freestyle Capital, Thrive Capital, Atlas Venture and SV Angel.
The company’s investors also include Rothenberg Ventures, Allen and Company and angel investors Alexis Ohanian, Garry Tan and Tyler Willis.
