Patreon Inc., an online platform that connects musicians and other creators with fans, was valued at $ 4 billion in its latest investment round, which has more than tripled its value since September, as venture capitalists bet on content-serving businesses.
Patreon said it raised $ 155 million in the latest round, led by new investor Tiger Global Management, with the participation of Woodline Partners and several former investors, including Wellington Management, Lone Pine Capital and New Enterprise Associates.
Tiger Global, the New York-based investment firm, has recently been one of the more active technology investors. Recent investments include online sneaker retailer StockX LLC, automated software company UiPath Inc., Brazilian real estate company Loft Holdings Ltd. and the British financial technology company Checkout Ltd.
The new capital for Patreon comes after the meticulous San Francisco company raised $ 90 million in capital in September, bringing its valuation to more than $ 1.2 billion.
The Covid-19 pandemic has proven to be a catalyst for the so-called creator economy, which has faced cancellation, lock-in and other measures to curb the spread of the virus. Online platforms like Patreon, Baron App Inc. ‘s Cameo and OnlyFans from Fenix International Ltd. appeared 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.