US company Mighty Networks, described as a platform giving creators and brands a dedicated place to start and grow communities, announced it has raised USD 50 million in funding round led by Owl Ventures. This means Mighty Networks total raised USD 67 million since its 2017 inception.
Mighty Networks’s founder and CEO Gina Bianchini says the 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. 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,” she said in an interview with TechCrunch.
The company’s service Business Plan is aimed at giving new creators tools to start digital subscriptions, Bianchini said. Established brands, organizations and successful creators use the company’s Mighty Pro plan to get everything Mighty Networks offers on their own branded iOS, iPad and Android apps.
The company reported annual customer growth by 200% for 2020. Customers are defined as paying creators who host their community, courses and events on Mighty Network. The company also reported 400% annual growth in subscriptions and payments where a creator or brand will sell a membership or an online course.