Funding round
Patreon Series E
Patreon, which works in subscription monetization platform services in United States, raised $90M in a Series E round announced on 1 Sep 2020, led by New Enterprise Associates and Wellington Management, at a $1.20B post-money valuation. 7 firms took part, 6 of them already investors. It is Patreon's sixth venture round on record; the one before was a Series D in Jul 2019.
$90M
Amount raised
$1.20B
Post-money valuation
$1.11B pre-money
7
Investors
2 leads
2.7x
Step-up from the Series C
$450M in Sep 2017
7.5%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Patreon at $1.20B after the new money, 2.7 times the $450M of its Series C (Sep 2017). The $90M bought investors about 7.5% of the company. It came 14 months after Patreon's Series D. It is 22% of the $412M Patreon has raised in the venture rounds on record. Patreon raised again 11 months later: a Series F round of $155M in Aug 2021, at $4.00B post-money.
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 14 Sep 2017, led by Thrive Capital $60M$450M post-money
- Series D 16 Jul 2019, led by Glade Brook $60M
- Series E this round 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
New Enterprise Associates and Wellington Management led the round with 5 other firms. New Enterprise Associates, Wellington Management, Glade Brook and Thrive Capital and 2 more had backed Patreon before.
Lead investors
- New Enterprise Associates backs 286 venture-backed companies existing investor
- Wellington Management existing investor
Also in the round
- Lone Pine new investor
- Glade Brook backs 30 venture-backed companies existing investor
- Thrive Capital backs 130 venture-backed companies existing investor
- DFJ Growth backs 51 venture-backed companies existing investor
- Index Ventures backs 353 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion and scaling operations.
- Product development
- Geographic expansion
- Scaling operations
Comparable rounds
How it compares
93 Series E rounds in Tech Companies within a year either side disclosed an amount; the median was $117M, and this round was 77% of the median. The closest in time, other companies' Series E rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Salsify Tech Companies | 23 Sep 2020 | $155M | not disclosed | Warburg Pincus |
| Tech Companies | 4 Sep 2020 | $82M | not disclosed | HSG |
| ShareChat Tech Companies | 24 Sep 2020 | $40M | not disclosed | not named |
| Tech Companies | 28 Oct 2020 | $340M | $3.30B | NewView Capital and Wellington Management |
| Arctic Wolf Tech Companies | 22 Oct 2020 | $200M | $1.30B | Viking Global |
| Tech Companies | 15 Oct 2020 | $118M | not disclosed | L Catterton and Activant |
| Tech Companies | 6 Oct 2020 | $100M | $1.20B | OMERS Growth Equity |
| Tech Companies | 4 Aug 2020 | $75M | $1.00B | Bessemer Venture Partners |
Sources
Where this comes from
Reported by 2 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Patreon raise in its Series E round?
Patreon raised $90M in its Series E round, announced in Sep 2020.
Who led Patreon's Series E round?
New Enterprise Associates and Wellington Management led it, with Lone Pine, Glade Brook, Thrive Capital, DFJ Growth and Index Ventures.
What was Patreon's valuation at the Series E round?
$1.20B post-money ($1.11B pre-money).
How does it compare with other Series E rounds in Tech Companies?
93 Series E rounds in Tech Companies within a year either side disclosed an amount; the median was $117M, and this round was 77% of the median.
Did Patreon raise again after this round?
Yes: a Series F round in Aug 2021 of $155M at $4.00B post-money.