Crowdfunding platform Patreon, which functions more like a subscription service than traditional platforms like Kickstarter or Indiegogo, has recently announced a successful funding round, raising $15 million from 17 angel investors and venture capitalists. Notable contributors include Reddit co-founder Alexis Ohanian and representatives from various talent agencies.
This Series A funding comes after significant growth since the company’s initial $2.1 million seed funding round last August. In just five months, revenues reportedly surged more than tenfold, while the platform has facilitated over $1 million in distributions to content creators in the past two months.
The recent capital injection will enable Patreon to enhance its features for artists, musicians, writers, filmmakers, and other creatives who utilize the service to receive financial support from their fans, referred to as “patrons.” Unlike Kickstarter or Indiegogo, which are generally aimed at funding individual projects, Patreon provides a means for fans to continuously support creators in their ongoing work. Alongside this funding announcement, Patreon unveiled a revamped website and plans to broaden its offerings, thus creating a more extensive platform for users to garner support for their endeavors.
Beyond the immediate enhancements to the service, this substantial Series A funding reflects the growing viability of an artist-driven subscription model and signifies the rise of individual creators as brands in their own right. Historically, initiatives like creator-owned Image Comics have allowed comic artists and writers to operate outside of corporate structures, while platforms like Steam have offered pathways for independent game developers. However, Patreon uniquely spans multiple creative fields, allowing supporters to back any work they appreciate. In essence, it empowers all of us to become modern-day patrons of the arts.
Patreon co-founder Jack Conte, also a user of the service through his band Pomplamoose, mentioned that the investors chosen for this round were specifically selected for their belief in the arts and alignment with the company’s mission. He indicated that additional funding could have been secured if needed.
The newfound resources will facilitate hiring additional staff and moving the team into a new office—marking the company’s first official headquarters—as well as expand its offerings, which include the development of iOS and Android applications and a new “Launch Mode” feature designed to help artists promote new content and ongoing campaigns.