beehiiv Inc., a next-generation email newsletter platform, is announcing its $33M Series B led by NEA and participating investors including Sapphire Sport. The company had previously raised $12.5M in a Series A fundraise last June, led by Lightspeed Venture Partners, who also participated in the Series B.
beehiiv provides a comprehensive platform for publishers to build custom emails and newsletters and enhance audience engagement, growth and monetization. Since launching in 2021, beehiiv has seen rapid adoption, with current monthly revenue exceeding $1M, and over 1 billion emails dispatched monthly. beehiiv’s broad capabilities have attracted a diverse assortment of enterprise publishers and independent content creators: from Boston Globe Media, Brex and Overtime, to Arnold Schwarzenegger and Dr. Jen Ashton.
“I’m incredibly proud of how much the team has been able to accomplish in such a short period of time, but we’re still in the early innings of what I believe this platform is capable of,” said Tyler Denk, the CEO of beehiiv. “I’m confident that we know our customer better than anyone else in the industry and will continue to relentlessly build best-in-class products to support them. A few top of mind focus areas in the short-term include: powerful new website capabilities, additional newsletter templates and customizations, a peer-to-peer marketplace, full product suite for managing and scaling premium subscriptions, and transformative new capabilities to monetize via the Ad Network.”
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beehiiv recently introduced new category-leading features that cement it as the most performant newsletter and email platform on the market. In addition to its advanced customization and analytics tools, beehiiv is distinguished by not taking a share of subscription revenue, offering a more lucrative model for creators. Additionally, monetization isn’t just limited to subscriptions — the beehiiv Ad Network enables newsletters to secure sponsorship income from brands such as Hubspot, Betterment, Monday.com and others. As first-party data becomes increasingly important to the advertising industry, the platform’s direct engagement model also allows publishers and advertisers to decrease their reliance on lower-quality cookie-based data.
The funding will be allocated towards bolstering the engineering and support teams to improve the overall capabilities and user experience of the platform. beehiiv has historically been conservative with its marketing efforts, but will also use the new funding to accelerate the growth and effectiveness of their user acquisition.
“Email is one of the most enduring digital channels, but there’s immense untapped potential for publishers to grow and monetize newsletter audiences,” said Danielle Lay, Partner at NEA. “We believe Tyler and his team are pioneers in this space and true customer-centric builders. We’re thrilled to partner with them to establish beehiiv as the leading email platform for creators and advertisers alike.”
SOURCE: BusinessWire