Patreon Inc., an online platform that connects musicians and other creators with fans, was estimated at $ 4 billion in the latest round of investment, more than tripling since September, as venture capitalists bet on startups serving content creators.
Patreon said it raised $ 155 million in the latest round led by new investor Tiger Global Management, with participation from Woodline Partners and several previous investors, including Wellington Management, Lone Pine Capital and New Enterprise Associates.
Tiger Global, the New York-based investment firm, has been among the more active tech investors of late. Recent investments include online sneaker reseller StockX LLC, automation software company UiPath Inc., Brazilian real estate company Loft Holdings Ltd. and British financial technology startup Checkout Ltd.
The new capital for Patreon comes after the tight-knit San Francisco company raised $ 90 million in capital in September, bringing the valuation to more than $ 1.2 billion.
The Covid-19 pandemic has proven to be a catalyst for the so-called creative economy, which has faced event cancellations, lockdowns and other measures taken to stem the spread of the virus. Online platforms such as Patreon, Baron App Inc.’s Cameo and Fenix International Ltd.’s OnlyFans have come to the winners during the pandemic as people searched for entertainment while artists and creators looked for ways to continue their work and make money. to earn.