What Is Mighty Networks?
Mighty Networks is a SaaS startup company that allows content creators and brands to start and develop their own communities through its app. The app provides a space for social networking and content creation, which includes events, paid memberships, and live online courses.
Launched in 2017, the business is servicing the ever-growing “creator economy” where anyone and everyone can become a social media influencer through creating and distributing various monetized content.
The flagship Business Plan offered by the startup company is aimed at creating a “middle class” in the creator economy, which allows smaller creators and brands to develop their networks over time, available only on the Mighty Networks platform. In addition to the Business Plan, the Mighty Pro plan allows established creators and brands to use all of the Mighty Networks resources and apply them to their own individual app.
The Mighty Networks app powers and is supported by several companies across a variety of markets, such as Yoga with Adriene, TED, Mindbody, Luvvie by Ajayi Jones, Sophia Amoruso, and Singularity.
Mighty Networks is backed by several investors, including Owl Ventures, Lucas Venture Group, Intel Capital, LionTree, and more.
$50 Million Series B
Mighty Networks announced in a press release the app business raised $50 million in a Series B financing round led by Owl Ventures with participation from existing investors. With this new funding, the startup company has raised $67 million in its lifetime.
Mighty Networks founder and CEO Gina Bianchini said in a statement, “...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.”
It was reported that in 2020, the customer base for the business grew 200%, while the accounting rate of return (ARR) increased 2.5 times. Additionally, last year the startup company also saw a 400% annual growth in payments, where content creators and brands sold memberships or online courses.
According to a company press release, Mighty Networks will use the new capital for product development across media types, payment options, and to explore new markets. The startup company did not disclose what those new markets are.
The Content Creator Economy
Due to high unemployment rates, many people have turned to platforms like Etsy, Patreon, and OnlyFans as a source of income. The Verge reported that due to the COVID-19 pandemic, Etsy shops that previously sold other items transitioned to selling masks, resulting in Etsy shoppers purchasing $346 million worth of masks between April and June of 2020.
Venture capital firm SignalFire reported in September 2020 that more than 50 million people today consider themselves “creators” even though the creator economy was established only about a decade ago. Furthermore, the creator economy market is projected to reach $15 billion by 2022.
About the Author
McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.