As online video content creators have found their revenue streams under siege, many have relied on Patreon as a steady source of income. The fan funding service, founded by musician and YouTuber Jack Conte (pictured above), has projected that it will pay out $150 million to creators in 2017, thus providing crucial financial support for many of its users.
Now, it looks to be picking up some cash of its own. TechCrunch, citing multiple sources, has reported that Patreon has closed a Series C funding round, which could value the company in the area of $450 million.
Details related to the round are slim, and it’s not clear how big the investment will be or who is leading it, but Index Ventures is believed to be involved int he deal in some capacity. Patreon declined to comment on TechCrunch‘s story.
Should Patreon indeed close its Series C, it would add to the steady stream of funding it has accrued since snagging $2.1 million back in 2013. A 2014 Series A brought $15 million to Patreon’s war chest, and a 2016 Series B was good for another $30 million more. With that financial backing, the company has been able to significant expand its operation, which is based out of its Bay Area headquarters.
Patreon’s growth has come not just in terms of manpower but also via technology. Earlier this year, the company announced a suite of changes, including the launch of a mobile app called Lens and a partnership with live streaming platform Crowdcast. Should the reports of its fresh capital be accurate, it will be able to finance further innovations into the fan funding space, all while continuing to offer creators the valuable tool many of them rely on.