Patreon Inc., an online platform that connects musicians and other creators with fans, was valued at $ 4 billion in its latest investment round, more than triple its value since September, as venture capitalists bet on new companies 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 most 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 fintech startup Checkout Ltd.
The new capital for Patreon comes after the privately owned San Francisco company raised $ 90 million in capital in September, raising its 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, closures, and other measures taken to slow the spread of the virus. Online platforms such as Patreon, Cameo by Baron App Inc., and OnlyFans by Fenix International Ltd. have emerged among the winners during the pandemic as people searched for entertainment while artists and creators looked for ways to continue their work and earn money.