Patreon, the music focused crowdfunding platform, has raised $30m led by Thrive Capital.
The company offers a pay per creation model. At a time when the industry is struggling with rightsholder payments, Patreon offers a funding solution that enables upcoming artists to keep on creating music while de-risking investors who are paying on success.
The company just raised $30 million of Series B funding, putting its total amount of funding at $47.1 million. Led by Thrive Capital, the round also included investments from Allen and Company and follow-ons by Charles River Ventures, Index Ventures, Accomplice and Freestyle Capital. Patreon’s premise is slightly different from those of other creative platforms that implement crowdfunding, such as Kickstarter and PledgeMusic. Instead of one-off donations to individual projects, users on Patreon pledge to give a fixed amount of money to creators on either a monthly or per-creation basis.