Workweek is looking to disrupt trade organizations by providing digital-first content and podcasts.
To fuel that work, the Austin-based company, founded two and a half years ago, announced Thursday that it has closed on a $12.5 million Series A round of funding led by Austin-based Next Coast Ventures. Other investors included Rich Greenfield and Jamie Seltzer of LightShed Ventures and David Rubenstein of Declaration Capital. Workweek previously raised $7 million in seed stage funding, Ryan said.
Workweek, with 43 employees, creates business to business newsletters and podcasts and has more than 500,000 subscribers, said Adam Ryan, Co-Founder and CEO of Workweek. With the funding, Workweek is launching a professional network platform and plans to expand its paid subscribed newsletters, he said.
Workweek’s new platform is focused on eight themed communities including marketing, healthcare, fintech and HR. The communities allow professionals to network with others in their field.
“Leaders want a place where they don’t get spammed, feel real relevance with a group, and have discussions that aren’t fluffy BS,” Ryan said in a news release. “We all have more “connections” across the other social platforms, but there’s less belonging than ever. This void is at the heart of what we’re solving.”
Workweek also plans to launch a marketplace of apps to enhance productivity and success within each field on its platform, according to the company.
“We’re incredibly excited to lead Workweek’s Series A investment,” Mikel Smerklo, Co-Founder and Managing Partner of Next Coast Ventures said in a news release. “Adam Ryan and team bring unparalleled experience in creating engaging content and building strong professional communities. Their innovative platform equips business leaders with the insights and connections needed to thrive in their industries. By combining their expertise with cutting-edge technology, Workweek is uniquely positioned to transform how professionals interact with their communities.”