Mighty Networks Raises $50M Equity Round to Build the Creator Economy for All
Fueled by 200% annual growth in new customers and 400% growth in payments, Mighty Networks raises fresh capital to unlock a thriving creator middle class
PALO ALTO, Calif., April 26, 2021-- Mighty Networks, the premiere SaaS platform for creators and brands to start and grow communities, announced today it has closed a $50M Series B funding round. The round is led by Owl Ventures with Ziff Capital Partners and LionTree Partners joining existing investors Intel Capital, Marie Forleo, Gretchen Rubin, Dan Rosensweig, Reid Hoffman, BBG Ventures, Lucas Venture Group, and Great Oaks Venture Capital.
Mighty Networks is building a new creator middle class founded on community memberships, events, and live online courses. Established creators using Mighty Networks include international yoga teacher Adriene Mishler, XPrize and Singularity University founder Peter Diamandis, bestselling author Luvvie Ajayi Jones, comedian Amanda Seales, and Girlboss founder Sophia Amoruso. Established brands using Mighty Networks include the TED conference, apparel company Oiselle, and wellness scheduling platform MINDBODY.
Mighty Networks' standout offering is The Business Plan, where a new creator can tap community memberships, events, and live online courses to make it not just possible, but easy to launch with digital subscriptions and payments. It joins Mighty Pro, where established brands, organizations, and successful creators are flocking to Mighty Networks' complete offering delivered on their own branded iOS, iPad, and Android apps available in the Apple App and Google Play Stores.
"Content alone will kill the creator economy," said Mighty Networks founder and CEO Gina Bianchini. "We can't build a thriving creator movement on an exhausting, unfair dynamic where content creators rent audiences from big tech platforms, are required to produce a never-ending stream of content, and get paid pennies for it, if they get paid at all. Creators need to own their own community on the Internet, where members meet each other and get results and transformation from courses, memberships, and events. As more creators, brands, and coaches adopt this shift, we have the opportunity to unlock new forms of ownership and a thriving creator middle class."
"We were impressed by Mighty Networks even before we met the company," said Amit Patel, Managing Director at Owl Ventures, the largest dedicated education technology-focused venture fund. "No company in this space has more loyal, passionate believers. 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. It's a testament to founders Gina Bianchini, Tim Herby, and Thomas Aaron that Mighty Networks has made it so easy for new creators and established brands to create successful communities people need now more than ever."
Prior to Mighty Networks, founder Gina Bianchini was the CEO and co-founder of Ning, where she pioneered the opportunity for early creators and brands to build their own social networks. She led the company's rapid growth to three million Ning Networks created and ~100 million users around the world in three years.
The company will use this new capital to fund rapid product development across media types, payment options, and movement into new markets. This new capital takes the total Mighty Networks has raised to $67M.
ABOUT MIGHTY NETWORKS
Mighty Networks is the premiere SaaS platform for creators and brands to start and grow communities they own. It is the easiest way for new creators to get started with memberships, events, and live online courses, while established brands, organizations, and successful creators use Mighty Networks to level up their business on their own branded iOS, iPad, and Android apps.
Launched in 2017, Mighty Networks serves the rapidly growing "creator economy," specifically focused on unlocking a thriving creator middle class, defined as creators earning over $30,000 a year from digital subscriptions and payments. The company grew new customers 200% and payments 400% in one year, with thousands of new creators starting Mighty Networks each month.
ABOUT OWL VENTURES
Owl Ventures is the largest venture capital fund in the world focused on the education technology market with over $1.3 billion in assets under management. The Silicon Valley based firm invests in the world's leading education technology companies across the education spectrum encompassing PreK-12, higher education and future of work (career mobility/professional learning). Owl Ventures has deep domain expertise and leverages a global network of Limited Partners, investors, and strategic partners to help entrepreneurs scale their businesses into transformative category leading companies.
ABOUT ZIFF CAPITAL PARTNERS
Ziff Capital Partners is a family investment firm founded in 2014 to manage the assets of Dirk Ziff and his family. ZCP is dedicated to building long-term value alongside unique and visionary companies and has the flexibility to invest across asset classes. Its strategy includes a focus on direct investments in early-stage platform companies in a variety of sectors including sports, media, technology and healthcare.
Venture Capital Database