Mighty Networks, a platform designed to give creators and brands a dedicated place to start and grow communities, has closed on $50 million in a Series B funding round led by Owl Ventures.
Ziff Capital Partners and LionTree Partners also participated in the financing, along with existing backers Intel Capital, Marie Forleo, Gretchen Rubin, Dan Rosensweig, Reid Hoffman, BBG Ventures and Lucas Venture Group. The investment brings Palo Alto-based Mighty Networks’ total raised since its 2017 inception to $67 million.
Mighty Networks founder and CEO Gina Bianchini — who started the company with Tim Herby and Thomas Aaron — is no stranger to building nurturing environments for community building. Previously, she was the CEO and co-founder of Ning, where she led the company’s rapid growth to three million Ning Networks created and about 100 million users around the world in three years.
With Mighty Networks, Bianchini’s goal is to build “a creator middle class” founded on community memberships, events and live online courses.
“Basically we have a platform for people to create communities the way that they would create e-commerce stores,” she told TechCrunch. “So what Shopify has done for e-commerce, we’re doing for digital subscriptions and digital payments where the value is around a community that is mastering something interesting or important together, and not just content alone.”
The company’s flagship Business Plan product is aimed at new creators with the goal of giving them an easy way to get started with digital subscriptions, Bianchini said. Established brands, (Read more...)