Patreon has tripled its valuation to $4 billion in a $155 million funding round led by Tiger Global, the company confirmed to the Wall Street Journal .
The creator economy platform, which allows artists to be directly funded by their fans, received new attention amid the Covid-19 pandemic as creators were forced to push more of their work online. The creator payments space has seen a multitude of new entrants in recent months but the eight-year-old Patreon has already built up an extensive 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 percent fee from creators depending on which of the company’s services they use. The company wrapped 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.