Email and newsletter platform, beehiiv, has secured US$33M in a Series B funding round led by NEA, with participation from Sapphire Sport and Lightspeed Venture Partners.

It follows a Series A round in June last year, where the company raised $12.5M, led by Lightspeed Venture Partners.

The platform, which allows publishers to build custom emails and newsletters, enhancing audience engagement, growth, and monetisation, has seen rapid adoption since its launch in 2021. Beehiiv's monthly revenue has exceeded $1M, with over 1 billion emails dispatched monthly. The platform is utilised by a diverse range of enterprise publishers and independent content creators, including Boston Globe Media, Brex, Overtime, Arnold Schwarzenegger, and Dr. Jen Ashton.

"I'm incredibly proud of how much the team has been able to accomplish in such a short period of time, but we're still in the early innings of what I believe this platform is capable of," said CEO of beehiiv, Tyler Denk. "I'm confident that we know our customer better than anyone else in the industry and will continue to relentlessly build best-in-class products to support them. A few top of mind focus areas in the short-term include: powerful new website capabilities, additional newsletter templates and customisations, a peer-to-peer marketplace, full product suite for managing and scaling premium subscriptions, and transformative new capabilities to monetise via the Ad Network."

Beehiiv recently introduced new features, including advanced customisation and analytics tools, and does not take a share of subscription revenue. The Beehiiv Ad Network allows newsletters to secure sponsorship income from brands such as Hubspot, Betterment, Monday.com, and others.

"Email is one of the most enduring digital channels, but there's immense untapped potential for publishers to grow and monetise newsletter audiences," said Partner at NEA,Danielle Lay. "We believe Tyler and his team are pioneers in this space and true customer-centric builders. We're thrilled to partner with them to establish beehiiv as the leading email platform for creators and advertisers alike."

The new funding will be used to bolster the engineering and support teams, improve the platform's capabilities and user experience, and accelerate user acquisition. Beehiiv was started by the early Morning Brew team and is used by thousands of the top newsletters in the world. The company is headquartered in New York and is supported by a remote and global workforce.