Crowdfunding platform Patreon secures $60M investment

Patreon has raised a total of $60 million at the close of a Series C funding round. The round was led by previous investor Chris Paik from Thrive Capital and saw additional contributions from CRV, Freestyle and Draper Fisher Jurvetson. With this additional $60 million under its belt, Patreon has now raised a total of $107 million since first setting up shop in 2013.

The creator-driven crowdfunding platform offers game developers, artists, and writers a way to enlist supports as ‘patrons’ and earn reoccurring cash contributions from their audience. While crowdfunding platforms like Kickstarter and IndieGoGo largely deal with reaching a single funding goal, Patreon gives its creators the ability to gather pledges on a per month, per update, or per publication basis. 

For example, the video game documentary series NoClip is one of the platform’s more notable game-related creators, with over 4,000 patrons and a monthly income of nearly $23,000.

With this additional $60 million, Patreon plans to introduce a handful of new features geared at creators such as better analytical tools and additional pledge rewards. Beyond that, Patreon plans to expand its staff of 80, something CEO Jack Conte detailed in a blog post following the investment.