Mighty Networks raises $50 million in a Series B fund led by Owl Ventures

Mighty Networks
SaaS News -Mighty-Networks-raises-on-$50-million-in-Series-B(source: SaaS Industry)
At a Glance

Mighty Networks, a website that allows developers and brands to start and expand communities, has raised $50 million in a Series B funding round led by Owl Ventures.

Along with established investors Intel Capital, Marie Forleo, Gretchen Rubin, Dan Rosensweig, Reid Hoffman, BBG Ventures, and Lucas Venture Group, Ziff Capital Partners, and LionTree Partners invested in the funding. Mighty Networks, headquartered in Palo Alto, has raised a total of $67 million since its founding in 2017.

Gina Bianchini, Founder and CEO of Mighty Networks, told TechCrunch that what Shopify has done for e-commerce, Mighty Networks has been doing for digital subscriptions and digital payments, the value is around a community that is mastering something exciting or essential together and not just content alone.  

She said, “Basically, we have a platform for people to create communities the way that they would create e-commerce stores.”

Bianchini started the company with Tim Herby and Thomas Aaron. Bianchini was formerly the CEO and co-founder of Ning. She oversaw the company’s exponential expansion to three million Ning Networks and over 100 million global users in just three years.

Bianchini’s aim for Mighty Networks is to create a “builder middle class” based on group memberships, events, and live online classes.

Amit Patel, Managing Director at Owl Ventures, said that Mighty Networks made an impression on his firm long before they met. 

Patel said in a statement, “No company in this space has more loyal, passionate believers, and when we saw firsthand that creators could successfully build paid communities and online courses on a Mighty Network with as few as 30 members, we wanted to be a part of unlocking this creator middle class for a million more creators.” 

Mighty Networks intends to invest its new funds in product growth in all media formats, payment options, and business expansion.

Today, Mighty Networks has over 10,000 paid developers, brands, and coaches. Singularity University founder Peter Diamandis, YouTube star Adriene Mishler, Xprize and , author Luvvie Ajayi Jones, actress Amanda Seales, Girlboss founder Sophia Amoruso, and products like the TED conference and fitness scheduling site MINDBODY are among the users. 

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