Patreon Inc., an online platform that connects musicians and other creators with fans, was valued at $ 4 billion in its latest round of investment, more than tripling its value in September as venture capitalists bet on startups that serve content creators.
Patreon said it raised $ 155 million in the last round, led by new investor Tiger Global Management, with Woodline Partners and several previous investors, including Wellington Management, Lone Pine Capital and New Enterprise Associates.
Tiger Global, the New York investment firm, has been among the most active technology investors in recent times. Recent investments include online sneaker reseller StockX LLC, automation software company UiPath Inc., Brazilian real estate company Loft Holdings Ltd. and UK financial technology startup Checkout Ltd.
The new capital for Patreon comes after the tightly owned San Francisco-based company raised $ 90 million in capital in September, bringing its valuation to more than $ 1.2 billion.
The Covid-19 pandemic proved to be a catalyst for the so-called creative economy, which faced cancellations of events, blockages and other measures taken to reduce the spread of the virus. Online platforms such as Patreon, Cameo by Baron App Inc. and OnlyFans of Fenix International Ltd. emerged among the winners during the pandemic, as people sought entertainment, while artists and creators sought ways to continue their work and make money.