Beehiiv, a rapidly growing email newsletter platform, announced a $33 million Series B round led by NEA and participating investors including Sapphire Sport. The company had previously raised $12.5 million in a Series A fundraise last June, led by Lightspeed Venture Partners, who also participated in the Series B.
beehiiv offers a comprehensive platform for publishers to set up custom emails and newsletters and enhance audience engagement, growth and monetization. Since launching in 2021, beehiiv saw rapid growth, with current monthly revenue exceeding $1 million and over 1 billion emails sent out every month. beehiiv’s capabilities have attracted a diverse assortment of enterprise publishers and independent content creators.
beehiiv recently launched new category-leading features that cement it as the most performant newsletter and email platform on the market. Along with its advanced customization and analytics tools, beehiiv is differentiated by not taking a share of subscription revenue, making it a more attractive solution for creators.
Monetization is not limited to subscriptions. Beehiiv’s 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.
This funding round will be allocated towards supporting the engineering and support teams to improve the overall capabilities and user experience of the platform. And beehiiv has historically been conservative with its marketing efforts but will also use the new funding round to accelerate the growth and effectiveness of its user acquisition.
KEY QUOTES:
“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. 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.”
- Tyler Denk, the CEO of beehiiv
“Email is one of the most enduring digital channels, but there’s immense untapped potential for publishers to grow and monetize newsletter audiences. 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.”
- Danielle Lay, Partner at NEA
