Crowdfunding firm Patreon announced a $60m Series D funding round, taking its total raised since launch to nearly $166m.
Musician Serj Tankian (from System of a Down) is one of the investors in the latest round, alongside comedian Hannibal Buress and a group of institutional investors.
Patreon CEO Jack Conte promised that Patreon will use the funding to accelerate its growth internationally – “new currencies, payment methods, and languages” as well as more offices across the world – while also developing more new features for its platform, and beefing up existing features like merchandise. “We’ll also give creators and their patrons better ways to engage, both one on one and as a community,” he wrote.
Conte, in the past months, has been open about the fact that this business isn’t yet profitable. “Yeah, we’ve a ways to go there,” he told TechCrunch in February 2019. “The reality is Patreon needs to build new businesses and new services and new revenue lines in order to build a sustainable business,” he told CNBC in January. But a $60m Series D round at least provides more runway to build more of those new things and see if they work. But it also brings expectations from investors about working towards not just profit, but an exit via acquisition or IPO.
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