download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. The firm closed a $33 million round of Series B funding, with the bulk of the money going toward building out its advertising business, CEO Tyler Denk told Business Insider. With the new round of funding, Beehiiv hopes to make $5 million from ads in 2024, he said. AdvertisementBeehiiv acquired the email ad platform Swapstack and launched its ad network that places ads in newsletters during the third quarter of 2023. Beehiiv's Denk said that Beehiiv has a "difference in philosophy" on ads than Substack does.

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Persons: —, Tyler Denk, Beehiiv, Denk, Boston Globe Media's, Beehiiv's cofounders, Substack, Jesse Singal, Beehiiv's Denk Organizations: Service, Business, NEA, Sapphire, Lightspeed Venture Partners, Boston Globe, Morning, Netflix