US-based crowdfunding platform Patreon has received $15m in series A funding from investors including CAA Ventures and UTA Ventures, the corporate venturing arms of entertainment management agencies CAA and United Talent Agency respectively.
Venture Capital firms Index Ventures, which led the round, Charles River Ventures, Freestyle Capital, Thrive Capital, Atlas Ventures and SV Angel also participated, along with a host of angel investors.
Patreon is a subscription-based funding site for creators and artists that enables them to engage with and source funding directly from fans through monthly stipends.
The capital will allow the company to build a mobile app, hire additional staff, expand its offices and further develop its product.
– Image courtesy of Patreon