Brief: Crowdfunding Platform Patreon Captures $30 Million During Series B Funding Round

This week, Patreon announced it has secured $30 million during series B funding. The website’s total amount of funding is now at $47.1 million.

Patreon 2According to the Patreon team, the round was led by Thrive Capital and included investments from Allen and Company and follow-ons by Charles River Ventures, Index Ventures, Accomplice and Freestyle Capital. The crowdfunding platform is planning to use the funds to hire more employees for its engineering and product teams.

During a recent interview with TechCrunch, Patreon CEO Jack Conte revealed the speed he needs to hire is a major issue:

“We need to bring in so many people so fast. We need to keep up with hiring and keep up with making all of the things.”

The funds will also be used to develop the mobile app, along with building the tools that creators need, which includes analytics, communication tools, and reward management.


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