Beehiiv Buzzes with $33M in Series B Funding

Newsletter platform Beehiiv has secured $33 million in Series B funding, led by NEA and supported by existing investors Lightspeed and Sapphire Sport. The startup, founded by three Morning Brew alumni, is ramping up its growth strategy to compete with industry giants like Substack and Mailchimp. With a revenue run rate of $1 million per month and ambitious 2024 goals, Beehiiv is expanding its team, enhancing its platform, and focusing on customer acquisition to solidify its position in the market. The company's unique approach to monetization, including an ad network and premium subscriptions, sets it apart from the competition and attracts a diverse range of publishers and content creators. CEO Tyler Denk is confident in Beehiiv's ability to innovate and provide top-notch products to support its customers, with plans for new website capabilities, newsletter templates, and a peer-to-peer marketplace on the horizon. Beehiiv's growth trajectory is fueled by a commitment to excellence and a relentless drive to succeed in the competitive newsletter landscape.