A major player in the burgeoning newsletter industry has made a sizable addition to its coffers. Three-year-old beehiiv has raised a $33 million Series B round led by New Enterprise Associates (NEA).
The Series B brings beehiiv’s total funding up to $46.5 million. Beyond NEA, other participants in the latest round include Sapphire Sport and previous backer Lightspeed Venture Partners.
In just a few years, CEO Tyler Denk and his team have turned beehiiv into a go-to destination for newsletter creators. The platform sends out more than one billion emails per month and currently earns more than $1 million in monthly revenue.
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Among thousands of active newsletter writers, beehiiv works with a number of high-profile creators, ranging from online video experts Colin & Samir to actor and ex-California Governor Arnold Schwarzenegger. (Full disclosure: Tubefilter uses beehiiv to publish the newsletter we send out each weekday.)
To recruit more big names to its platform, beehiiv recently hired Twitter and Andreessen Horowitz vet Katherine Rundell as its VP of Creators. Rundell’s recruitment efforts will be supported by the fresh funding; among other plans, beehiiv intends to invest in marketing and secure more partnerships with notable publishers.
The Series B will also be allocated to beehiiv’s engineering and support teams in order to improve the overall user experience on the platform. Recently added features have included enhanced analytics tools and an ad network that connects newsletter creators to potential sponsors.
“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,” Denk said in a statement. “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.”
According to TechCrunch, beehiiv currently counts about 20,000 active newsletters. That’s a marked increase from the 7,500 newsletters the company counted when it raised its last funding round in June 2023.
