Mighty Networks is a platform designed to offer creators and brands a dedicated place to commence and grow communities, has recently closed $50 million in a Series B funding round which was led by Owl Ventures.
The other investors were Ziff Capital and Lion Tree Partners also participated in the financing. Along with this, backers namely Intel Capita, Marie Forleo, Gretchen Rubin, dan Rosensweig, Reid Hoffman, Lucas Venture, and BBG Ventures.
Moreover, the funding round brings Palo Alto-based Mighty Nwtorks total raised funds since 2017 inception to $67 million.
The company was founded by Gina Bianchini, who stated with this with Tim Herby and Thomas Aaron. It is a business model which develops nurturing environments for community building. Also, she was the CEO and co-founder of Ning, where she led the firm’s rapid growth to 3 million Ning Networks created and about 100 million users all over the globe within 3 years, such a marvelous hike.
With the firm and idea of Mighty Networks, her idea and aim are to build “a creator middle class founded on community memberships, events, and live online courses”. In simpler words, to promote talent, and offer a platform where mutually people can grow.
She also stated- “Basically we have a platform for people to create communities the way that they would create e-commerce stores”. 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.”
Its flagship product aims at new creators to offer them an easy way to get started and fulfill their dreams, showcase their expertise or skills via digital subscriptions. For Instance, well-known brands, organizations can successful creators who use the firm’s mighty pro plan to get all offers on their own devices.
Is talking about its exponential growth track, in 2020, ARR climbed by 2.5X while annual customer growth by 200%. Prospects are defined as paying realtors who host their community, events, or courses on the platform. It also had an impressive hike of 400% annual growth in payments or kind of subscriptions.