Patreon, a platform that lets artists seek financial patronage from their fans, said it was valued at $4 billion in its latest funding round, more than tripling from September last year.
The San Francisco, California-based company raised $155 million in the fresh round led by new investor Tiger Global Management, with participation from Woodline Partners and previous investors Wellington Management, Lone Pine Capital, New Enterprise Associates, Glade Brook Capital, and DFJ Growth.
In the previous funding round, Patreon had raised $90 million, which reportedly valued it at $1.2 billion then.
The company, which connects creators including musicians, writers, journalists, and podcasters with fans while monetizing their work for a monthly fee, plans to use the fund for developing new tools for creators, potential acquisitions, and expanding its international footprint.
Patreon, founded in 2013 by two YouTube creators, grew in popularity over the last year as more creators churned content to engage audiences stuck at home during the Covid-19 pandemic.
Serving as a neutral platform, Patreon lets artists move away from ad-reliant business models and have more creative freedom.
The growing reception for the model is resonant with the rise of platforms like Substack, which allows writers to start their own paid newsletters and build readership.
Patreon is considering a public listing this year and has been approached by special purpose acquisition companies (SPACs), The Information had reported in January.