Mighty Networks raises $50M for middle-class creator economy

That’s the intriguing worth proposition provided by Mighty Networks, a software program platform that goals to offer manufacturers and creators full possession of their very own on-line communities. Its “marketing strategy” mannequin units creators up with a set of instruments—memberships, fee choices, on-line programs, occasion integration—that lets them construct their very own platforms from the bottom up. The Palo Alto, California-based firm was launched by CEO Gina Bianchini in 2017, again when “creator economy” was not a part of the lexicon in the best way that it’s right this moment. Since that point, and particularly because the pandemic, the worth of creator-based economies has grow to be infinitely extra obvious with the rise of such platforms as OnlyFans, Cameo, Substack, and others.

[Courtesy of Mighty Networks]

Now Mighty Networks is trying to capitalize on the second, positioning itself as a spot the place “middle-class creators” can seize management of their very own destinies. The corporate stated right this moment it has raised $50 million in new funding, in a spherical led by Owl Ventures, a VC fund that focuses on the edtech trade. Along with Owl, Ziff Capital Companions and LionTree Companions additionally took half, becoming a member of current traders Intel Capital, Marie Forleo, Gretchen Rubin, Dan Rosensweig, Reid Hoffman, BBG Ventures, and Lucas Enterprise Group.

“Content material alone will kill the creator economy,” Bianchini stated in an announcement. “We are able to’t construct a thriving creator motion on an exhausting, unfair dynamic the place content material creators lease audiences from huge tech platforms, are required to supply a unending stream of content material, and receives a commission pennies for it, in the event that they receives a commission in any respect.”

Bianchini has been at this for some time. In 2005, together with Marc Andreessen, she launched Ning, a sort of build-your-own social community geared toward giving individuals the instruments to compete with entrenched giants like Fb. Ning did not sluggish Fb’s scale-at-all-costs technique to dominance, however nowadays, even Mark Zuckerberg is taking note of creator-based economies, saying in a recent interview (on Clubhouse, no much less) that creator-based platforms have “leveled the enjoying discipline a bit and make it so as to develop a extra vibrant sector of creators and small companies.”

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Mighty Networks’s newest funding spherical brings its whole capital to $67 million. The corporate says it’ll use the cash to hurry up the event of recent merchandise and fee choices, and increase into new markets.