Mighty Networks Scoops Up $11M
PALO ALTO, CA, Mighty Networks today announced an $11 million Series A financing.
Mighty Networks -- a software-as-a-service platform for brands and businesses to bypass custom development and bring their people together with community, content, online courses, and subscription commerce -- today announced an $11 million Series A financing led by Intel Capital and Sierra Wasatch. Existing investors First Round Capital, Floodgate Partners, BBG Ventures, Lucas Venture Group, Dave Welch, and Mighty Networks Founder & CEO Gina Bianchini also participated.
Mighty Networks is seizing the opportunity created by Experiential Commerce, an emerging $30 billion category of digital services fueled by hundreds of millions of digitally native creators and influencers bringing their fans and followers together and selling experiences, connections, and expertise. Unlike the single feature platforms that comprise much of Experiential Commerce today, Mighty Networks delivers multiple elements of a creator's business -- community, content, online courses, and subscription commerce- -- in one place. It replaces the need to string together 10 or 20 different digital services or do custom development.
Mighty Networks' platform employs proprietary algorithms and smart technology to ensure that the most relevant people in the network meet others by location, interests, and topics, as well as through groups, events, and online courses. The value of each brand increases with the addition of each new member.
"There are over 360 million 'creators with a purpose' today bringing together their fans and followers in deeper ways than what social media provides. They are curating amazing community experiences, facilitating relevant content, and sharing expertise -- services that are so valuable that they can charge for them," says Mighty Networks CEO & Founder Gina Bianchini. "With a Mighty Network, we are giving creators a way to streamline their business and avoid the risk and cost of custom development."
"Given the rapid growth and emerging opportunity around Experiential Commerce, we're pleased to support Mighty Networks in realizing their vision. We're enthusiastic about the ways machine learning and artificial intelligence can be applied to help brands and businesses make increasingly better, well-informed decisions more quickly as they market, sell, and deliver new combinations of digital services," says Wendell Brooks, senior vice president of Intel Corporation and president of Intel Capital.
Mighty Networks is a freemium subscription model whose services are similar to ShopifyÂ® or Squarespace. Anyone can create a Mighty Network for free and upgrade to Mighty Brand or Business as they look to add unlimited groups or online courses; or to Mighty Pro, which enables them to bypass custom development while building their brand into something that's always with their people.
About Mighty Networks
Mighty Networks is designed for brands and businesses to bring people together by offering community, content, online courses, and subscription commerce in one place. The company uniquely serves a new breed of digitally native "creators with a purpose" selling experiences, connections, and expertise to their followers--an emerging category of digital services called Experiential Commerce. The company was founded in 2011 and is headquartered in Palo Alto, California.
About Intel Capital
Intel Capital invests in innovative startups targeting artificial intelligence, autonomous technology, data center and cloud, 5G, next-generation compute, and a wide range of other disruptive technologies. Since 1991, Intel Capital has invested US$12.4 billion in 1,554 companies worldwide, and 670 portfolio companies have gone public or participated in a merger or acquisition. Intel Capital curates thousands of business development introductions each year between its portfolio companies and the Global 2000. For more information on what makes Intel Capital one of the world's most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.
About Sierra Wasatch
Sierra Wasatch Capital is an early stage investment fund focused on businesses building solutions at the intersections of media, technology and commerce. Founded in 2016 on the principles of conviction, collaboration, and adaptability, Sierra Wasatch aligns with entrepreneurs in support of their passions to build and create value through innovation. For more information on Sierra Wasatch and the teams we believe in visit www.sierrawasatch.com.
To learn more about Mighty Networks, meet our creators, and see how it works, please visit: http://www.mightynetworks.com.
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