Patreon confirms $60 million funding round

CEO Jack Conte lays out growth plans for the next two to five years

Patreon has raised $60 million in investment, confirming recent rumours that the funding platform had closed a major series C round.

Patreon started four years ago, and it is now paying 50,000 creators every single month. In a blog post announcing the funding, Patreon CEO and founder Jack Conte estimated that the platform will pay more than $150 million this year, from more than 1 million active patrons.

"There are dozens of you making over $30k per month," he said. "Many creators are using Patreon to grow and scale their businesses, to hire teams, to expand their content operations."

Patreon now has a team of 80 people, and it will use the $50 million in funding to expand even further. Indeed, Conte described a plan that will unfold over the next two to five years, after a which Patreon will offer its partners a more complete set of services to help grow and manage their businesses and patrons. You can read the details of that plan in Conte's blog post.

We first heard of Patreon's funding round last week, when sources placed the value of the company at $450 million.

Related stories

Magic Leap lands another $502 million

Startup's series D funding round ends up roughly half the size previously reported

By Brendan Sinclair

Chinese firm Leyou buys 20% of Certain Affinity for $10m

Co-developer of Halo 4, Call of Duty: Black Ops excited to "create an ambitious and exciting new game together"

By James Brightman

Latest comments

There are no comments on this article yet. Why not be the first to post one?

Sign in to contribute

Need an account? Register now.