Patreon Inc., an online platform that connects musicians and other creators with fans, was valued at $ 4 billion in its latest round of investment, more than tripling its value since September, as venture capitalists they opted for startups that serve content creators.
Patreon said it raised $ 155 million in the last round, led by new investor Tiger Global Management, with the participation of Woodline Partners and several previous investors, including Wellington Management, Lone Pine Capital and New Enterprise Associates.
Tiger Global, the New York-based investment firm, has been one of the most active technology investors in recent times. Recent investments include online shoe reseller StockX LLC, automation software company UiPath Inc., Brazilian real estate company Loft Holdings Ltd. and the start of UK financial technology Checkout Ltd.
Patreon’s new capital comes after the San Francisco-based company raised $ 90 million in capital in September, raising its valuation to more than $ 1.2 billion.
The Covid-19 pandemic has proven to be a catalyst for the so-called creators ’economy, which has suffered event cancellations, blockages and other measures taken to curb the spread of the virus. Online platforms like Patreon, Cameo by Baron App Inc. and OnlyFans from Fenix International Ltd. they have emerged among the winners during the pandemic as people sought entertainment while artists and creators sought ways to continue their work and make money.