Patreon Is Now A $1.2B Unicorn

Musician and creator fan patronage platform Patreon is now officially a unicorn.

A new Series E fundraise of nearly $100 million at a valuation of $1.2 billion put the company in the rare $1 billion startup club.

In April, it announced that it had signed on 50,000 new creators since the pandemic hit and then three days later laid off 30 employees or 13% of staff because of economic pressures from the COVID-19 crisis.

Patreon was founded in 2013.