Patreon Inc., an online platform that connects musicians and other creators with fans, was valued at $ 4 billion in its latest round of investment, more than tripling its value since September when venture capitalists opted for startups serving content creators.
Patreon said it raised $ 155 million in the latest round, led by new investor Tiger Global Management, with the participation of Woodline Partners and several previous investors, including Wellington Management, Lone Pine Capital and New Enterprise Associates.
Tiger Global, the New York-based investment company, has been among the more active technology investors lately. Recent investments include online sneaker retailer StockX LLC, automation software company UiPath Inc., Brazilian real estate company Loft Holdings Ltd. and the British start-up technology Checkout Ltd.
The Covid-19 pandemic has proven to be a catalyst for the so-called creative economy, which has faced cancellation, lock-in and other measures taken to curb the spread of the virus. Web platforms such as Patreon, Baron App Inc.’s Cameo and Fenix International Ltd.’s OnlyFans have emerged among the winners during the pandemic while people searched for entertainment while artists and creators looked for ways to continue their work and make money.