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Consumer & LifestyleUSA
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βœ‚οΈ Markdown
  1. πŸ¦„
    Became a unicorn
    Sep 2020
  2. πŸ“ˆ
    Peak valuation
    $3.99 Billion ’21
  3. πŸ’”
    Became a Unitard
    ~2024
  4. πŸ’Έ
    Last valuation
    β€”
Current status
Private; written down by mutual-fund holders in SEC filings (marks below).

The rise & fall

6 moments Β· 2013–2024

The key moments, with employee sentiment along the way.

May 2013
Founded by a musician who wanted to get paid
YouTube artist Jack Conte and Sam Yam build a way for fans to fund creators directly.
Wikipedia
Sep 2020
Joins the unicorn club
A $90M Series E values the membership platform at ~$1.2B as the creator economy surges mid-pandemic.
TechCrunch
Apr 2021
The peak: Series F at ~$4B$3.99B
A $155M round led by Tiger Global roughly triples the valuation in seven months.
TechCrunch
From the inside Β· Glassdoor reviews, 2022–25
Glassdoor reviews from 2022 onward described a bumpy stretch: employees counted three rounds of layoffs in about three years, tied them to frequently shifting strategy β€” projects and features built up and then shelved β€” and pointed to heavy churn in senior leadership. Many still praised the mission and their colleagues.
2024
Slips out of the club
Mutual-fund holders' marks in SEC filings drift below the $1B line.
SEC filing
Today
Still private β€” the funds keep marking
BlackRock Science & Technology Trust marks it at $15.66/share Β· -67% from its peak mark Β· as of Mar 2026
SEC NPORT-P

πŸ’¬ entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor β†—; dated facts carry their source.

How it happened

Patreon is a membership platform that lets content creators β€” video makers, podcasters, visual artists, musicians β€” 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.

Mutual-fund markdowns

7 funds Β· SEC NPORT-P

How U.S. mutual funds fair-value this still-private company in their quarterly SEC filings.

Per-share mark from peak
-67%
BlackRock Science & Technology Trust
$47.71 β†’ $15.66
as of Mar 2026
FundClass$/shFrom peakAs of
BlackRock Science & Technology Trust$15.66-67%Mar 2026
SMALLCAP World Fund IncCommon$12.03-79%Sep 2025
SMALLCAP World Fund IncPreferred$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$15.66β€”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

Founders

  • Jack Conte
    Co-Founder & CEO
    Still there β€” CEO & Co-FounderLinkedIn β†—
  • Sam Yam
    co-founder, president & CTO
    Still there β€” Co-founder, President & CTOLinkedIn β†—

Current roles as self-reported on LinkedIn, retrieved 2026-08-19. See our methodology.

More from the club

Same fate Β· Secondary-market markdown
Impossible Foods$6.84BDataRobot$6.45BOutreach$4.44BBoxabl$3.36BWorkrise$2.9B
πŸ¦„