Patreon, a subscription-based funding site for artists, has just raised $15 million in a Series A from Alexis Ohanian, Sam Altman, David Marcus, Joshua Reeves and a bevy of other tech entrepreneurs. There were 17 angel investors and VCs in all who contributed to this series, with Danny Rimer of Index Ventures leading the round.
Patreon founders Jack Conte and Sam Yam tell TechCrunch that they looked very carefully over the course of five months to curate the right investors for this round. “We wanted investors who believed in the arts and understand our mission,” said Conte. All of the investors, noted Conte, have some interest in the arts. Rimer, for instance, is on the SFMoMa Board of Trustees.
Conte went on to say that his company could have raised even more if needed. Company revenues grew 10x in the last five months, allowing the founders some room to choose whom they would like to take investment from.