beehiiv raises $33M in Series B Funding


beehiiv, a NYC-based provider of an email newsletter platform, raised $33M Series B funding.

The round was led by NEA with participation from Sapphire Sport and others. It had previously raised $12.5M in a Series A fundraise last June, led by Lightspeed Venture Partners, who also participated in the Series B.

The company intends to use the funds to further enhance the engineering and support teams to improve the overall capabilities and user experience of the platform and to accelerate the growth and effectiveness of their user acquisition.

Led by CEO Tyler Denk, beehiiv is an email newsletter platform enhancing audience engagement, growth, and monetization. Monetization isn’t just limited to subscriptions but also relies on an ad network, which enables newsletters to secure sponsorship income from brands such as Hubspot, Betterment, and others. The platform’s direct engagement model also allows publishers and advertisers to decrease their reliance on lower-quality cookie-based data. The company does not take a share of subscription revenue, offering a more lucrative model for creators.

beehiiv has 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.

Commenting on the news, Tyler Denk said: “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.”