beehiiv raises $33M Series B for newsletter and email platform
April 30 2024 - 8:15AM
Business Wire
beehiiv Inc., a next-generation email newsletter platform, today
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.”
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.”
About beehiiv
beehiiv is an email newsletter platform enhancing audience
engagement, growth, and monetization. It was started by the early
Morning Brew team, and is currently being utilized by thousands of
the top newsletters in the world. While the company is
headquartered in New York, it is built and supported by an entirely
remote and global workforce. For more information, visit
beehiiv.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240429463635/en/
Press Tyler Denk press@beehiiv.com