Patreon helps content creators sell monthly content subscriptions to its fans. Currently, 2 million patrons are backing more than 100,000 of their favorite creators on the platform. Kit is a startup that launched with the idea to help people discover products worth getting while influencers are able to share their favorite products and earn revenue from the sales. With Patreon’s recent acquisition of Kit, monthly subscription packages will now be able to offer so much more in the way of merchandise, which will further encourage subscriptions at higher monthly tiers than before.
With the acquisition, Kit, which has raised $2.5 million since it was founded, is able to continue its commitment to “connecting creators and fans and followers and to making it easier to reward creativity and expertise.” Patreon, which has a valuation of nearly $450 million, plans to build an open merchandise provider platform. Creators who are already using Kit will not lose their revenue streams during the transition.
“We’re elated to join Patreon and work on merch, and look forward to developing features that will give creators a simple way to deliver their products to their members,” said CEO and Co-founder of Kit, Camille Hearst.
The terms of the acquisition are not being disclosed.