patreon triples valuation to $4 billion in new raise
Patreon Achieves $4 Billion Valuation in New Funding Round
Patreon’s company valuation has increased threefold, reaching $4 billion, following a $155 million funding round. This information was confirmed by the company to The Wall Street Journal on Tuesday.
Growth Fueled by the Creator Economy
The platform, which facilitates direct financial support for artists from their fan base, experienced heightened visibility during the COVID-19 pandemic. Many creators transitioned a larger portion of their work to online platforms as a result.
While the creator payments sector has seen an influx of new companies recently, Patreon, established eight years ago, has already cultivated a substantial network.
In a blog post published last year, Patreon reported that over 30,000 creators joined the platform within the initial weeks of March 2020.
Revenue Model and Investment Details
Patreon generates revenue by charging creators a fee ranging from 5% to 12%, contingent upon the specific services utilized.
Previously, the company completed a $90 million funding round in September, which assigned a valuation of $1.2 billion.
Investors Participating in the Round
Additional investors participating in this latest funding round include:
- Woodline Partners
- Wellington Management
- Lone Pine Capital
- New Enterprise Associates
These firms joined Tiger Global in leading the investment, demonstrating confidence in Patreon’s continued growth potential.
Lucas Matney
Lucas Matney: A Profile
Lucas Matney previously held the position of Senior Editor at TechCrunch. His work was centered in San Francisco, California.
Background and Role
As a Senior Editor, Matney was responsible for overseeing and contributing to the technology news coverage provided by TechCrunch. He played a key role in shaping the publication’s editorial direction.
His location in San Francisco placed him at the heart of the technology industry, facilitating access to important companies and developments.
TechCrunch and its Focus
TechCrunch is a prominent online publication dedicated to reporting on the technology sector. It covers startups, venture capital, and emerging technologies.
- Startups: Detailed coverage of new and growing companies.
- Venture Capital: Analysis of funding rounds and investment trends.
- Emerging Technologies: Reports on innovations and future tech.
Matney’s role at TechCrunch involved contributing to all these areas of focus, providing insights and analysis to its readership.
Editorial Responsibilities
The responsibilities of a Senior Editor typically include managing a team of writers, editing articles, and developing story ideas. Matney likely engaged in these activities during his tenure.
Maintaining the quality and accuracy of TechCrunch’s content was a core component of his position. He ensured articles met the publication’s standards.
His position required a deep understanding of the technology landscape and the ability to communicate complex information clearly and concisely.