Patreon raises $90 million as the pandemic drives artists to it

Patreon, which lets artists get paid directly by fans for content subscriptions, has raised $90 million in new funding at a valuation of $1.2 billion. The investment round is led by New Enterprise Associates and Wellington, with Lone Pine, Glade Brook Capital, Thrive Capital, DFJ Growth, and Index Venture also participating.

Why it matters: With the pandemic shuttering traditional performance venues, eliminating live events and slowing the broader economy, creative workers of all stripes — musicians, writers, actors and more — are seeking alternative sources of revenue.