Patreon raises $90 million Series E, is now valued $1.2 billion
The membership services company has raised around $256 million to date. New investors include New Enterprise Associates (NEA), Wellington Management and Lone Pine, and existing investors Glade Brook Capital, Thrive Capital, DFJ Growth and Index Ventures also participated in the round.
Patreon has paid out more than $2 billion to creators since its founding in 2013, and CEO Jack Conte promised Tuesday that the company would pay out more than $1 billion per year going forward.
The company wants to use the new cash infusion to grow its international presence and opened new offices in Berlin and Dublin earlier this year to do just that. It also plans to improve the experience for patrons and make it easier to discover support-worthy projects among the more than 200,000 creators on the platform.