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 on Tuesday.
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.