American startup Mighty Networks, a platform designed to give creators and brands a dedicated place to start and grow communities, raised US$ 50 million in a Series B on 26 April 2021.
Investors: Owl Ventures led the funding round. Other participants included Ziff Capital Partners and LionTree Partners, along with existing backers Intel Capital, Marie Forleo, Gretchen Rubin, Dan Rosensweig, Reid Hoffman, BBG Ventures and Lucas Venture Group. The total funds raised by the startup stands at US$ 67 million.
About Mighty Networks
Founded in 2017 by Gina Bianchini, Tim Herby and Thomas Aaron, Mighty Networks is a SaaS platform that serves creators to sell experiences, relationships, and expertise to their members via community, content, online courses and much more. The goal of the company is to build ‘a creator middle class’ founded on community memberships, events and live online courses. Mighty Networks is headquartered in Palo Alto, California, USA.
The startup is targeting new creators to give them an easy way to get started with digital subscriptions. The SaaS company has seen impressive growth. In 2020, its ARR climbed by 2.5x and annual customer growth climbed by 200%. The startup saw a 400% yearly growth in payments, or rather in subscriptions and payments wherein a creator or brand sells a membership or an online course.
Mighty Networks claims to have more than 10,000 paying creators, brands and coaches today. Some notable creators on the platform are – YouTube star Adriene Mishler, Singularity University founder Peter Diamandis, author Luvvie Ajayi Jones, comedian Amanda Seales, Girlboss founder Sophia Amoruso and brands – TED conference and wellness scheduling platform Mindbody.
What the CEO has to say: “Basically, we have a platform for people to create communities the way that they would create ecommerce stores. What Shopify has done for e-commerce, we’re doing for digital subscriptions and digital payments where the value is around a community that is mastering something interesting or important together, and not just content alone.” — Gina Bianchini, CEO of Mighty Founders. She was the CEO and co-founder of Ning, where she acquired about 100 million users around the world in three years.
What the investors have to say: “No company in this space has more loyal, passionate believers, and when we saw firsthand that creators could successfully build paid communities and online courses on a Mighty Network with as few as 30 members, we wanted to be a part of unlocking this creator middle class for a million more creators.” — Amit Patel, Owl Ventures Managing Director.
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