Patreon
- 🦄Became a unicornSep 2020
- 📈Peak valuation$3.99 Billion ’21
- 💔Became a Unitard~2024
- 💸Last valuation—
How it happened
Patreon is a membership platform that lets content creators — video makers, podcasters, visual artists, musicians — build communities and earn revenue directly from their audiences. Last valued near $3.99B in a 2021 Series F, it has since fallen out of the $1B unicorn club and remains private, marked down by mutual-fund holders. Glassdoor reviews from 2022 onward described a bumpy internal stretch behind that reset: employees counted three rounds of layoffs in about three years, tied them to frequently shifting strategy — projects and features built up and then shelved — and pointed to heavy churn in senior leadership. Many still praised the mission and their colleagues.
Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.
Mutual-fund markdowns
7 funds · SEC NPORT-PHow U.S. mutual funds fair-value this still-private company in their quarterly SEC filings.
| Fund | Class | $/sh | From peak | As of |
|---|---|---|---|---|
| BlackRock Science & Technology Trust | $15.66 | -67% | Mar 2026 | |
| SMALLCAP World Fund Inc | Common | $12.03 | -79% | Sep 2025 |
| SMALLCAP World Fund Inc | Preferred | $10.00 | -82% | Dec 2025 |
| BlackRock Innovation & Growth Trust | $27.92 | -50% | Mar 2023 | |
| BlackRock Innovation & Growth Term Trust | $27.62 | -2% | Dec 2024 | |
| BlackRock Technology and Private Equity Term Trust | $17.44 | -24% | Dec 2025 | |
| BlackRock Science and Technology Trust | $56.00 | +0% | Dec 2021 | |
| BlackRock Technology & Private Equity Term Trust | $15.66 | — | Mar 2026 |
Source: SEC EDGAR Form NPORT-P (Level-3 fair-value marks). Per-share marks reflect the fund’s own valuation of a specific share class and aren’t a company-wide valuation. Last refreshed Jun 2026.
Source: SEC NPORT-P fund marks (below); peak per primary round
