Chhavideep Singh
Source: Mighty Networks
Mighty Networks is a Palo Alto, California-based online platform that enables content creators and brands to build communities for better communication and collaborations.
Recently, the start-up has announced to have raised funds worth USD 50 million in its latest Series B financing round led by Owl Ventures, a San Francisco-based Venture Capital Fund. The funding round concluded recently on April 26th, 2021.
The platform is known for being a dedicated platform for creators to build their communities and with an obvious increase in the number of social media influencers and advertising efforts on the internet and social media, Mighty Networks have to be in profit, even during these tough times of the COVID-19 pandemic.
According to the company profile on Crunchbase, a total of 11 investors have participated in the company’s latest funding round. Existing investors include Intel Capital, Great Oaks Venture Capital, BBG Capital, Ziff Capital Partners, Lion Partners are known to have participated in the financing round. Other than this, Reid Hoffman, Lucas Venture Group, Marie Foreleo, Dan Rosenweig and Gretchen Rubin have also invested funds in the company’s Series B round.
Founded back in 2017 by Gina Bianchini, Tim Herby, Matteo Melani and Thomas Aaron, Mighty Networks operates under Software As A Service (SaaS) business that serves creators with the purpose of selling tier expertise, relationships and most importantly experiences with the world via a community that Mighty Networks provide the platform for. Apart from this, the company promotes creators to expand and share their experiences with the world through online courses, social media content and subscription commerce. All of these mentioned services will be offered to the creators under a brand name that gets more valuable for each member that joins the brand.
As mentioned in a report by TechCrunch, Mighty Networks’ primary business is aimed at giving creators and brands an easy platform to get started with digital subscriptions. The Mighty Pro plan offered by the company is for established brands and content creators to get everything the company has to offer on their separate branded Android and iOS applications.
The company has been seeing impressive growth charts with a 200% increase in annual customer growth in 2020 while the Annual Rate of Return had 2.5 times jump in the same year, according to TechCrunch. Furthermore, the company saw a 400% increase in annual growth of subscriptions and payments through its SaaS model.
As unfortunate as the COVID-19 pandemic is, it has turned out to be a boon for online digital businesses like Mighty Networks.