San Francisco, CA – October 13, 2020 – Cooley advised creator platform Patreon on its $90 million Series E financing round, which brings the company’s valuation to more than $1.2 billion. Craig Jacoby and Daniel Parames led the Cooley team advising Patreon on the funding.
New Enterprise Associates and Wellington Management co-led the round, which also included participation by Lone Pine and Gladebrook Capital. Patreon plans to use the new capital to grow its international presence, enhance the patron experience and help creators grow their audience with search discovery tools.
“This is a big moment for creativity. The stigma of the starving artist is going to fade away,” Jack Conte, Patreon's CEO, said in a video about the round. “This level of belief in Patreon is proof, it’s proof that the world is changing, the world is different than it was seven years ago. It is now possible to be an independent, financially viable, creative business on the web and be killin’ it.”
San Francisco-based Patreon enables creators to be paid for the content they produce while giving fans access to join their favorite creator’s community. The company has grown to more than 200,000 creators supported by 6 million+ fans.
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