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The Social Leverage Letter | Issue #197

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Beehiiv (Fund IV) is emerging as a serious competitor to Substack by offering newsletter creators greater customization, control, and better economics through flat fees instead of revenue cuts. Founded by former Morning Brew engineers, Beehiiv recently hit a $30M revenue run rate, launched a Media Collective to attract high-profile journalists, and is positioning itself as a brand-building infrastructure platform—more like Shopify than a social network.

Fiscal.ai (Fund IV) has launched its most significant update yet with the introduction of Fiscal Enterprise, a premium product powered by its own real-time data feed. The update brings faster data updates (within minutes of earnings), downloadable financials, one-click auditability, toggling between standardized and as-reported views, and streamlined team onboarding. Initially covering all U.S. equities, Fiscal.ai plans to expand globally across Canada, the UK, Europe, Australia, Japan, and beyond.

In a candid reflection on Beehiiv’s (Fund IV) fundraising journey, CEO Tyler Denk emphasizes that who invests early doesn’t matter nearly as much as building a great product. He highlights Social Leverage as the first firm to believe in Beehiiv and lead their seed round, calling us “incredible partners” who’ve been supportive and impactful throughout their growth.

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