On Monday, Beehiiv Inc’s leadership said it secured funding of $1.6 million to expand headcount and accelerate product development. The news comes on the heels of a large fundraiser last October. To date, the company has raised $4.2 million.
The story was brought to Benzinga by Bullish Studio, the firm working with Beehiiv to build out the first creator email newsletter ad network.
Here’s The Scoop: Dubbed one of the leading alternatives to Substack, Beehiiv is a better way for creators, organizations, and leaders to create and disseminate information, as well as build engagement around their passions.
Since launching in November 2021, the company has grown revenues in excess of 30% every month. The team believes it will “exceed $1 million ARR by the end of the year,” according to a release on the matter.
In a comment to Benzinga, founder and CEO Tyler Denk said Beehiiv is “helping thousands of creators and publications scale and monetize their work.” The fundraiser will make it possible to support “hundreds of thousands” with technology and a best-in-class team.
Participating are existing investors: Creator Ventures, Blue Wire Capital, and Social Leverage.
Other angels and partners included Alex Lieberman of Morning Brew, Linktree’s Anthony Zaccaria, Codie Sanchez of Contrarian Thinking, Write of Passage’s David Perell, and Teachable’s Ankur Nagpal.
Technology has enabled creators an opportunity to “build and monetize their personal brands online,” Litquidity added, noting that “the platforms that can provide the most value to the next generation of creators will dominate this decade.”
In short, the firm’s leadership knows a thing or two about newsletters and the resources content creators need to be successful. They all were a part of Morning Brew, one of the great newsletter brands.
Pictured: Co-founder Jacob Hurd, left. CEO Tyler Denk, middle. Co-founder Benjamin Hargett, right. Photo courtesy of Beehiiv.
Now, this team is offering the masses those same tools and experiences used to grow Morning Brew, through Beehiiv. Learn more, here.
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