Patreon confirms $60 million funding round

Patreon has raised $60 million in investment, confirming recent rumours that the funding platform had closed a major series C round.

Patreon started four years ago, and it is now paying 50,000 creators every single month. In a blog post announcing the funding, Patreon CEO and founder Jack Conte estimated that the platform will pay more than $150 million this year, from more than 1 million active patrons.

"There are dozens of you making over $30k per month," he said. "Many creators are using Patreon to grow and scale their businesses, to hire teams, to expand their content operations."

Patreon now has a team of 80 people, and it will use the $50 million in funding to expand even further. Indeed, Conte described a plan that will unfold over the next two to five years, after a which Patreon will offer its partners a more complete set of services to help grow and manage their businesses and patrons. You can read the details of that plan in Conte's blog post.

We first heard of Patreon's funding round last week, when sources placed the value of the company at $450 million.