Palo Alto-based SaaS platform Mighty Networks announced Monday that it raised $50 million in fresh financing to help content creators build out their brands. The Series B was led by Owl Ventures and brings the company’s total amount raised to $67 million.
The Mighty Networks platform provides users with the digital infrastructure to get their own subscription-based services off of the ground. At $81 a month, the platform’s Business Plan provides creators with online classes on how to build a brand along with a suite of customizable APIs and workflows. All told, the tools offered on the platform can help content creators launch an app, learn more about their audience and get compensated for the content that they create.
“Content alone will kill the creator economy,” Gina Bianchini, founder and CEO of Mighty Networks, said in a statement. “We can’t build a thriving creator movement on an exhausting, unfair dynamic where content creators rent audiences from big tech platforms, are required to produce a never-ending stream of content, and get paid pennies for it, if they get paid at all.”
Thousands of new content creators are joining the platform every month, according to the company. Just over the last year, Mighty Networks grew the amount of customers on its platform by 200 percent, and payments made on the platform increased by 400 percent.
“Creators need to own their own community on the internet, where members meet each other and get results and transformation from courses, memberships, and events. As more creators, brands, and coaches adopt this shift, we have the opportunity to unlock new forms of ownership and a thriving creator middle class,” Bianchini continued.
Mighty Networks will invest the additional capital in speeding up product development across media types and payment options on its platform. The fresh financing will also help the company accelerate its movement into new markets.
Additional investors Ziff Capital Partners, LionTree Partners and Intel Capital participated in the round, among others.
