Membership platform Patreon, which lets musicians and other creators earn money from fans through subscriptions, has raised $90 million in Series E funding round. The startup now has a valuation of $1.2 billion. It is planning to use the financing to expand internationally and bring in new tools for creators and their fans.
After a mere seven years, Patreon has more than 200,000 creators on the platform that have collectively earned $2 billion to date, directly from their fans. There are no advertisers and no black box. The company boasts of about 6 million subscribers, also referred to as patrons, who use Patreon.