Patreon has raised $15 million in funding. Danny Rimer of Index Ventures led the round. Patreon is a patronage platform that supports artists.
Patreon, a crowdfunding and media company founded by Sam Yam and Jack Conte, closed a $15 million round of financing last week, lead by Danny Rimer at Index Ventures. The round is comprised of the VCs and Angels below:
Investors in Patreon’s Series A:
Index Ventures, Charles River Ventures, Thrive Capital, Freestyle Capital, Atlas Ventures, SV Angel, UTA, CAA, Alexis Ohanian (cofounder of Reddit), Garry Tan, Aaron Harris, Sam Altman (President of Y Combinator), Joshua Schachter (founder of Delicious), David Marcus (former President of Paypal), Stan Chudnovsky (VP at Paypal), Joshua Reeves (founder of Zenpayroll), and Jenny Haeg (founder of Custom Spaces)
Our mission as a company is to fund and empower the emerging creative class, and this round of financing will help us do exactly that. Every partner that we add to Patreon, every investor, advisor, and employee, is an advocate of the creator-centric, creator-first philosophy that Patreon employs.
What We Plan on Doing with the Moola:
-Build a mobile app, iOS, and Android
-Make our current product clearer, easier, deeper.
-Launch new products to help creators scale their media companies and reward their patrons.
-Hire engineers and build a team of passionate people who want to empower the creative class.
-We’re moving out of our 2 bedroom apartment (11 people currently working there) and into an office.
Some Fun Metrics:
-Our revenue grew 10x in a five month period.
-13 months ago we launched with 3 creators using the platform. Today we have over 25,000.
-Over 180 new creators are signing up every day.
-We’ve sent over $2 million to our creators in the last 13 months since our launch, and $1 million of that has been in the last 2 months alone.
Venture Capital and our Community:
We are committed to keeping Patreon a mission focused, creator-centric company. We will do that by institutionalizing our mission at every juncture possible, maintaining a consistent dialog between creators, patrons, investors, and employees, and making sure that every shareholder in Patreon is accountable to our community of creators and patrons. The next step in this ongoing dialog is a series of conversations between our investors and our creators that we’re releasing as podcasts. The first podcast in the series is a conversation between Alexis Ohanian (cofounder of Reddit), Chris Paik (partner at Thrive Capital), Peter Hollens (a capella vocalist and Patreon creator), and Jack Conte (cofounder of Patreon and half of Pomplamoose). Download the podcast series here: www.patreon.com/Patreon. We are also doing a live webcast on Monday, June 23rd, 9am – 12pm PT with our creators, patrons, and investors to discuss the fundraise. Join the webcast here: http://www.spreecast.com/events/patreon-community-discussion-6-23