Patreon, a San Francisco, CA-based membership services company, raised $60m in Series D funding round.
The round, which brought total amount raised by Patreon to date to $166m, was led by Glade Brook Capital, with participation from existing investors Thrive Capital, Initialized, Index Ventures, DFJ, Freestyle Capital, Charles River Ventures and Otherwise.
The company intends to use the funds to continue to expand operations and its business reach as well as to continue development of its platform to add new currencies, payment methods and languages.
Co-founded by CEO Jack Conte and Sam Yam, Patreon provides a membership platform for creators to establish ongoing and predictable monthly revenue through membership. The solution enables users to turn fans into patrons supporting their favorite artists by allowing them to become paying members of those creators’ communities in exchange for exclusive membership benefits.
The solution is currently used by over 100,000 creators, supported by 3M+ active patrons.