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Newsletter platform Beehiiv has raised $33 million in Series B funding led by NEA, CEO Tyler Denk tells Axios.

Why it matters: The funding bolsters the startup's growth plans amid competition from Substack, Mailchimp, Campaign Monitor and Sailthru.

Catch up quick: The three co-founders — Denk, Benjamin Hargett and Jake Hurd — met at Morning Brew, the newsletter-focused media company now owned by Business Insider. 

They launched Beehiiv in 2021 as a software platform to manage and monetize newsletters. 

Beehiiv raised $4.2 million in seed funding in 2021 and a $12.5 million Series A led by Lightspeed Venture Partners in 2023.

Driving the news: When Beehiiv acquired tech platform Swapstack last year, Denk told Axios that his company did not have plans to raise more money and hoped to be self-sustaining. 

Now, Denk says he pursued this funding round to hire top talent and invest more in customer acquisition. 

"This is obviously a very competitive space," Denk says. "There are incumbents that are decades old and a newer wave of players. Building a company gets expensive when you hire really good talent, and there's just so much that we want to do and build."

Existing investors Lightspeed and Sapphire Sport also participated in the round. 

By the numbers: About 70% of revenue comes from software service fees, Denk says. The company recently changed its pricing model based on client size. Revenue also comes from taking a cut of its ad network and of paid recommendations in its newsletter network. 

Denk says Beehiiv's revenue run rate is about $1 million per month, and its 2024 goals are $22 million in revenue and to operate breakeven. 

The platform has 20,000 active newsletters, sends more than 1 billion emails per month and has 65 full-time employees.

What's next: Denk says Beehiiv's growth historically has been word of mouth, partnerships and SEO. It plans to put the funding toward marketing and hiring more customer support, engineers and designers. 

The platform also has expanded its suite of tools with a website builder and tiers for premium subscriptions. Denk says Beehiiv's core differentiator from its competitors will be its ad network.

Newsletter platform Beehiiv raises $33M

Amid stiff competition, the startup is growing an ad network.

Illustration of a small newsletter next to a medium-sized newsletter, followed by a large newsletter

Digital content

Newsletter platform <a class="gtmContentClick" data-vars-link-text="Beehiiv" data-vars-click-url="https://www.axios.com/2021/10/05/morning-brew-substack-competitor-newsletter" data-vars-content-id="b26125bc-a705-4174-b0f6-4186c17aea15" data-vars-headline="Newsletter platform Beehiiv raises $33M" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2021/10/05/morning-brew-substack-competitor-newsletter" target="_self">Beehiiv</a> has raised $33 million in Series B funding led by NEA, CEO Tyler Denk tells Axios.Why it matters: The funding bolsters the startup&#x27;s growth plans amid competition from Substack, Mailchimp, Campaign Monitor and Sailthru.

Newsletter platform Beehiiv raises $33M

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