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How Last Money In Monetized Over $500K ARR Leveraging a Newsletter
Why Leveraging Existing Networks Is Key To Growing Your Audience
Kanishka Kumawat & Linda Hwang
September 18th, 2024
Do any of these acronyms sound familiar?
SPV, VC, or even GPs or LPs?
Maybe you’re like me, and venture capital (VC) and startup investing are not your strong suit.
Or perhaps you’re an expert and looking to invest, but there aren’t many resources that will give you actionable news or companies in private markets.
Rest assured!
That’s where the Last Money In and Deal Sheet newsletters come in.
Last Money In has already secured six figure sponsorship deals, while their paid newsletter, Deal Sheet, has reached $500,000 in annual recurring revenue (ARR) in just under seven months!
Thanks to Alex and Zachary—both noticed a need, and they carved out a unique niche with their newsletters.
In this case study, we’ll learn more about the genesis of Last Money In and Deal Sheet newsletters, building a community with a subscription model, and the creators behind the newsletters.
Table of Contents
The Inception of Last Money In and Deal Sheet Newsletters
With nearly a decade of experience scaling early-stage startups focusing on growth and commercial strategy, Alex Pattis is one of the co-founders of Last Money In and Deal Sheet.
Currently, the General Partner at Riverside Ventures, an early-stage venture capital firm investing in high-growth technology companies.
Zachary Ginsburg, the other half of the creative mind behind the newsletters, has been running Calm Ventures for the past five years, a venture capital and growth equity firm focused on breakout technologies—growing over $150,000,000 in Assets Under Management (AUM) across 300+ companies and 6,500+ Limited Partners (LPs).
Together, Zach and Alex found themselves well-positioned to create a community of syndicate leads, people who run special purpose vehicles (SPVs) as a way to invest in startups or private market companies.
“We started the newsletter as a way to kind of demystify how syndicates work, how they operate, and the differences to traditional venture capital,” revealed Alex.
He added, “Most of the newsletters and podcasts you get are ways to learn the best practices from folks within the ecosystem, but they are not very niche.”
Both co-founders bring a wealth of experience, having managed over 800 SPVs and deployed more than $200 million in capital.
Who else would you trust for syndicate leads?
As Zach puts it:
The First 1,000 Subscribers Odyssey
Every newsletter has such a unique story, and that’s no different with Last Money In.
Reaching the first 1,000 subscribers is a milestone, and for Alex and Zach, it was a journey of leveraging existing networks and strategic promotion.
They initially tapped into their LinkedIn connections and syndicate LPs, announcing their venture and inviting potential subscribers.
“We used LinkedIn to say, ‘Hey, we’re starting a newsletter. Here’s what we’re writing about. We’d love for you to join and subscribe to our beehiiv newsletter,’” Alex recalls.
“It wasn’t so much of a growth strategy. More of an announcement,” continued Alex. “The first couple hundred subscribers came when we made our initial announcement, and we were super encouraged by that.”
It took about a month to hit the 1,000 mark.
“We probably got our first 1,000 or 1,500 subs through these people [solicited],” said Zach.
Zach added, “The first 8,000 or 9,000 people we solicited were basically investors, leaders in the ecosystem. Those who have invested or been part of Venture Capital deals. They were a good source of early momentum.”
From there, they experimented with various growth strategies, including social media hype posts to amplify their content and paid ads, to expand their reach.
“We experimented with beehiiv Boosts and other tools,” added Zach.
Next Stop: 70,000 to 80,000 Subscribers
Fourteen months into their newsletter journey, Zach and Alex have already surpassed 40,000+ subscribers!
What a monumental feat!
We were curious about what they see for 2024—70,000 to 80,000 subscribers!
“We are trying different strategies, whether it’s working with beehiiv and beehiiv boosts or paid ads. We are figuring out the best ways to highlight the value of our content and grow from there,” commented Alex.
He added, “We are continuing to grow on LinkedIn. Sometimes, we will do a hype the day before on LinkedIn. Something like, ‘We’re going to dive deep about XYZ; subscribe today!’”
In addition to growth, adding more beneficial content for their audience is key to their 2025 success.
“The biggest thing that excites us is helping onboard new interested investors to venture capital via syndicates.e. Folks who are looking to start a syndicate or are interested in venture capital and investing personally but aren’t sure where to start,” reflected Alex.
He continued, “We want to educate folks on special purpose vehicles because this is [in our opinion] the best place to start as an accredited investor looking to deploy into the venture capital asset class.”
Joining the Ranks of Successful Creators on beehiiv
Choosing beehiiv as their platform was a no-brainer for Alex and Zach, who saw it as the "cool kids' newsletter platform."
“One thing that stood out for beehiiv was obviously the great branding, but you guys are product-led and customer-led. I don’t think there’s quite anybody quite as customer-focused and product-focused as beehiiv,” added Zach.
They admired the functionality, pricing, and the fact that many top newsletter operators were using it.
"beehiiv is the backbone of not just our newsletter, but I would say our business as well," Alex emphasizes.
The platform's user-friendly interface and robust features have been instrumental in their success, allowing them to focus on content creation and business growth.
“My favorite feature is the different growth metrics,” commented Alex. “Whether it’s hourly, daily, or weekly, I’m looking at those multiple times a day every single day.”
Buzzing on Profits With Monetization
Alex and Zach’s venture includes Last Money In, which is their free newsletter, and Deal Sheet, which is their premium newsletter.
With two newsletters, monetization strategies are endless.
Alex and Zach found themselves in a unique situation with Last Money In when their partners also became their sponsors—paying well into the six figures combined for ad placements in their newsletter. The creators found the need to build a premium newsletter, and in the past 26 weeks since its creation, the paid newsletter has passed $500,000 in annual recurring revenue (ARR)!
Where Last Money In serves as an educational tool for those interested in venture capital and SPVs, Deal Sheet offers subscribers access to top deals with discounted carried interest.
“Deal Sheet, monetizes through (accredited investor) subscriptions. Folks pay annually, and that allows them every single week, to view the top deals being syndicated in the ecosystem at discounted carried interests of 10% versus the standard 20%,” added Alex.
As Zach notes, "We're not a digest, we're not summarizing. We're really trying to be thought-leadership oriented and provide truly unique access to deals in a way that's helpful to both syndicate leads and syndicate investors.”
Why Trust Me
Linda Hwang has extensive experience in B2B marketing and previously worked at a renowned international facilities management company. There, she played a crucial role in creating effective content and social media marketing plans. Now, Linda is a marketing consultant who helps small businesses create compelling brand stories.
Starting your newsletter can be both an exciting and daunting endeavor.
Whether you're aiming to share your expertise, build a brand, or simply connect with a wider audience, here are some key pieces of advice from Zach and Alex to help you on your journey:
Identify Your Niche: As Alex Pattis and Zachary Ginsburg discovered with their newsletter Last Money In, focusing on a niche—like demystifying venture capital syndicates—can set you apart in a crowded market.
Leverage Your Network: Alex and Zachary initially tapped into LinkedIn and their network of limited partners to spread the word about their newsletter, which helped them reach their first thousand subscribers quickly.
Consistency Is Key: Consistency not only builds trust with your audience but also helps gradually increase your subscriber count. As the duo behind Last Money In emphasizes, staying committed to a regular schedule can lead to compounding growth over time.
Experiment With Growth Strategies: Alex and Zachary experimented with various strategies, including social media promotions and paid ads, to find what worked best for them.
Engage and Educate: The feedback that Alex and Zachary received from their readers was a testament to the value they provided by covering topics not widely discussed elsewhere.
Monetization and Partnerships: Last Money In monetizes through sponsorships, while their other product, Deal Sheet, uses a subscription model. Explore different monetization opportunities for your newsletter.
Key Takeaways
Identify Your Niche: Focus on a specific area of expertise to differentiate your newsletter.
Leverage Existing Networks: Use your current connections to build initial subscribers.
Experiment with Growth Strategies: Be open to trying various promotional tactics, such as social media campaigns and paid advertisements, to discover what resonates with your audience.
Engage and Educate Your Audience: Provide valuable content that informs and engages readers.
Alex and Zach's journey with beehiiv is a testament to the power of a well-chosen platform in building a successful newsletter business.
For those considering starting their own venture, beehiiv offers the tools and support needed to turn ideas into reality.
Whether you're aiming to educate, entertain, or engage, beehiiv is ready to help you amplify your voice.
So, what are you waiting for?
Dive into the world of newsletters with beehiiv and start your own success story today!
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