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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.
Janko Roettgers (@jank0) is a senior reporter at Protocol, reporting on the shifting power dynamics between tech, media, and entertainment, including the impact of new technologies. Previously, Janko was Variety's first-ever technology writer in San Francisco, where he covered big tech and emerging technologies. He has reported for Gigaom, Frankfurter Rundschau, Berliner Zeitung, and ORF, among others. He has written three books on consumer cord-cutting and online music and co-edited an anthology on internet subcultures. He lives with his family in Oakland.