Patreon has confirmed its latest influx of capital. The fan funding platform, launched in 2013 by musician and YouTuber Jack Conte as a way for his fellow creators to gather contributions from the fans who support them, has scooped up a $60 million Series C funding round led by Thrive Capital.
As noted by Variety, Patreon plans to use its new funds in three areas that are often mentioned when companies raise money: Platform expansion, international growth, and new hires. Any updates it rolls out will be built on top of the existing changes it announced earlier this year, which included the launch of a mobile app and an integration with a live streaming platform.
“We will be scaling our team, building faster, and building more — all to get you paid,” said Conte in a blog post. “There’s a great world coming for creators!”
Patreon is a vital tool for many creators, who rely on it to provide a more steady source of income than pre-roll ads, which can volatile and unpredictable. Before 2017 is up, Patreon expects to pay out at least $150 million to its users, who solicit monthly contributions from their “patrons.”
According to TechCrunch, which reported the news of Patreon’s latest raise last week, the new funding round values Conte’s platform at $450 million. Patreon’s previous forays into the world of venture capital include a $2.1 million back in 2013, a $15 million Series A in 2014, and a $30 million Series B in 2016. Thrive also served as the leader for the Series B round.