Crowdfunding firm Patreon raises funding at reported $450m valuation

Crowdfunding firm Patreon raises funding at reported $450m valuation

More than 50,000 influencers, filmmakers, musicians, journalists and other creatives are using crowdfunding platform Patreon to boost their income. Now the company itself is raising money again.

TechCrunch has reported that Patreon has raised a funding round for an undisclosed amount, but which values the company at around $450m.

This would be the company's Series C round, following a 2013 seed round of $2.1m; a Series A round of $15m in 2014; and a $30m Series B round in 2016.

Patreon has not confirmed the new funding round yet, but earlier this year the company released some new stats about the size and value of its network.

Those 50,000+ creators are on course to get payouts of more than $150m in 2017, compared to $100m for the previous three years combined.

Ever since its launch in 2013, Patreon has differentiated itself from other crowdfunding services like Kickstarter and Indiegogo with its model of allowing people to raise money regularly from their fans in small amounts: for example, a dollar every time they publish a new video.

In June, Patreon also launched an app for its creators called Patreon Lens, which helps them to shoot and share photos and videos exclusively with their 'patrons' on the service.

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Stuart is a freelance journalist and blogger who's been getting paid to write stuff since 1998. In that time, he's focused on topics ranging from Sega's Dreamcast console to robots. That's what you call versatility. (Or a short attention span.)