Patreon needs even MORE money

I told you they were losing money hand-over-fist on a monthly basis. They just raised $60 million from institutional investors last July, and now it’s reported that they’ve raised another $90 million, bringing the total raised to $256 million.

Patreon—the online service that allows podcasters, musicians and others to receive financial support from fans—has raised a $90 million round of funding from fans of its own, The Information has learned. The company recently closed the round at a $1.2 billion pre-money valuation, according to two people familiar with the matter. That is about double the pre-money valuation for the company before a round of funding last year, according to PitchBook, the financial data firm. 

Let’s see. This Series E round is enough to cover the costs of about what, another 3,215 arbitrations….

The membership services company has raised around $256 million to date. New investors include New Enterprise Associates (NEA), Wellington Management and Lone Pine, and existing investors Glade Brook Capital, Thrive Capital, DFJ Growth and Index Ventures also participated in the round.