OnlyFans is reportedly looking to raise new funding in a deal that values the company at more than $1 billion — and says it wants to shed its reputation as a platform for porn.
The London-based company, which is currently mostly used by adult-movie stars to sling smutty pics and videos, wants the help of mainstream backers who can help it to appeal to a wide range of celebrities and athletes, Bloomberg reported Thursday.
Hosting more mainstream content on its platform could also help attract premium advertisers.
Unlike many hot tech companies from Uber to ClubHouse, OnlyFans is actually profitable, according to Bloomberg. It also raked in more than $400 million last year, taking a 20-percent fee as it handled more than $2 billion in sales last year after demand exploded during coronavirus lockdowns.
In total, OnlyFans has paid out more than $3 billion to its 1.25 million creators, according to Bloomberg.
Despite the company’s impressive numbers, OnlyFans may have trouble attracting investment from traditional venture capital investors. Venture capital firms often have agreements with investors that prevent them from investing in “vice” industries including porn, alcohol, firearms that they worry can harm their reputation.
OnlyFans, which was founded in 2016 by Tim British entrepreneur Tim Stokely, did not immediately reply to a request for comment.
In its bid for mainstream status, OnlyFans has so far drawn celebrities including star boxer Floyd Mayweather, actress Bella Thorne and rappers Cardi B and Chris Brown.