Membership services platform Patreon has raised a new $155 million series F round of funding, which brings the company's valuation to $4 billion. Patreon plans to spend the new funding on its continued international expansion and new content consumption tools, among other things.
The cash infusion comes just seven months after Patreon raised a $90 million series E; at the time, the company was valued at $1.2 billion. Altogether, Patreon has raised around $411 million to date.
Patreon's series F is being led by new investor Tiger Global Management, with existing investors Woodline Partners, Wellington Management, Lone Pine Capital, New Enterprise Associates, Glade Brook Capital and DFJ Growth also chipping in.
The company has paid out more than $2 billion to creators since it was founded in 2017, and is currently paying creators $100 million per month. Patreon has more than 200,000 creators, who are being supported by recurring contributions from more than 7 million fans.
Correction: An earlier version of this story misspelled Patreon in one instance. This story was updated on April 7, 2021.
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.