Funding round
Patreon Series C
Patreon, which works in subscription monetization platform services in United States, raised $60M in a Series C round announced on 14 Sep 2017, led by Thrive Capital, at a $450M post-money valuation. 5 firms took part. It is Patreon's fourth venture round on record; the one before was a Series B in Jan 2016.
$60M
Amount raised
$450M
Post-money valuation
$390M pre-money
5
Investors
1 lead
64x
Step-up from the Seed
$7.0M in Aug 2013
13%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Patreon at $450M after the new money, 64.3 times the $7.0M of its Seed (Aug 2013). The $60M bought investors about 13% of the company. It came 20 months after Patreon's Series B. It is 15% of the $412M Patreon has raised in the venture rounds on record. Patreon raised again 22 months later: a Series D round of $60M in Jul 2019. Its next priced round, a Series E in Sep 2020, valued it at $1.20B.
Patreon's funding rounds
Patreon has 7 venture rounds on record. This one is highlighted.
- Seed 1 Aug 2013 $2.1M$7.0M post-money
- Series A 23 Jun 2014, led by Index Ventures $15M
- Series B 19 Jan 2016, led by Thrive Capital $30M
- Series C this round 14 Sep 2017, led by Thrive Capital $60M$450M post-money
- Series D 16 Jul 2019, led by Glade Brook $60M
- Series E 1 Sep 2020, led by New Enterprise Associates and Wellington Management $90M$1.20B post-money
- Series F 26 Aug 2021 $155M$4.00B post-money
Investors
Who put money in
Thrive Capital led the round with 4 other firms.
Lead investor
- Thrive Capital backs 130 venture-backed companies new investor
Also in the round
- Index Ventures backs 353 venture-backed companies new investor
- CRV backs 177 venture-backed companies new investor
- backs 63 venture-backed companies new investor
- DJV Venture Capital new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
160 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $31M, and this round was 1.9 times the median. The closest in time, other companies' Series C rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 7 Sep 2017 | $101M | not disclosed | Osram |
| Wellhub Tech Companies | 30 Sep 2017 | $54M | $278M | not named |
| Tech Companies | 1 Sep 2017 | $52M | $250M | not named |
| Tech Companies | 20 Sep 2017 | $35M | not disclosed | Harmony Partners |
| Tech Companies | 27 Sep 2017 | $35M | $250M | Viola Group |
| Tech Companies | 27 Sep 2017 | $30M | not disclosed | Crane Venture Partners |
| Tech Companies | 29 Sep 2017 | $14M | not disclosed | IFC and Bamboo Capital Partners |
| Mapbox Tech Companies | 10 Oct 2017 | $164M | not disclosed | SoftBank Vision Fund and SoftBank |
Sources
Where this comes from
Reported by 1 source.
Questions
Frequently asked
How much did Patreon raise in its Series C round?
Patreon raised $60M in its Series C round, announced in Sep 2017.
Who led Patreon's Series C round?
Thrive Capital led it, with Index Ventures, CRV, Freestyle VC and DJV Venture Capital.
What was Patreon's valuation at the Series C round?
$450M post-money ($390M pre-money).
How does it compare with other Series C rounds in Tech Companies?
160 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $31M, and this round was 1.9 times the median.
Did Patreon raise again after this round?
Yes: a Series D round in Jul 2019 of $60M.