From 5 Subscribers to HubSpot Acquisition in 17 Months

Situation

Matt Village and Adam Biddlecombe launched Mindstream in May 2023 with just 5 subscribers. Childhood friends with entrepreneurial ambitions, they set out to create an AI-focused newsletter inspired by The Hustle. With a commitment to consistency, they published daily content starting June 1, 2023, never missing a day for over 650 editions.

In a digital landscape where over 376 billion emails are sent daily worldwide in 2025, standing out requires focus. Village and Biddlecombe identified the rapidly growing AI space as their niche, targeting professionals seeking reliable, daily insights in this evolving field.

After initially launching on ConvertKit, they switched to beehiiv after just two weeks, seeking a platform built specifically for newsletter creators where "the newsletter is the product and not a side thought." This decision proved crucial to their growth trajectory and eventual acquisition by HubSpot.

Growth Highlights

• Grew from 5 initial subscribers to 210,000 daily readers in 17 months
• Built a profitable business with ad revenue exceeding annual platform costs in just 10 days
• Maintained perfect consistency with 650+ consecutive daily editions
• Acquired by HubSpot to join their Media Network after just 17 months

Challenge

Mindstream faced the challenge of differentiating itself in an increasingly saturated newsletter market. With the global digital content creation market projected to grow at 12.8% annually to USD 90.4 billion by 2033, competition for audience attention is fierce.

Village and Biddlecombe needed a platform that would let their content shine without technical obstacles. They required tools to maintain a daily publishing schedule while ensuring quality. This demanding cadence created seven placement opportunities for ads weekly but required streamlined workflows.

Finding the right mix of paid and organic growth channels proved challenging, discovering that "not all subscribers are equal" in terms of engagement. They needed to identify which acquisition channels delivered the most engaged readers while balancing growth with content quality.

Key Challenges

• Standing out in a crowded market with over 376 billion emails sent daily worldwide
• Maintaining a daily publishing schedule without compromising quality
• Building a sustainable revenue model through advertising
• Finding the right mix of acquisition channels to attract engaged subscribers

Solution

Village and Biddlecombe committed to daily publishing from day one, creating consistent expectations for readers. They leveraged beehiiv's editor to develop a distinctive style for Mindstream that "simply wouldn't have been possible elsewhere."

The team implemented a multi-channel growth strategy, testing various acquisition methods. They discovered LinkedIn was valuable for high-quality early subscribers but later found that Meta provided some of their most engaged paid subscribers.

Mindstream enhanced community engagement through beehiiv's interactive features, incorporating polls in all newsletters to gather audience feedback. The platform allowed their small team to write and build newsletters simultaneously, streamlining workflow and fostering collaboration.

Result

Mindstream's strategic approach led to exponential growth, reaching 210,000 daily readers within 17 months. Their revenue model proved highly efficient, with Village noting that "We would make more in 10 days of ad sales than beehiiv's enterprise cost for an entire year."

The newsletter's success caught HubSpot's attention after they witnessed positive responses to their ad placements. The acquisition allowed Mindstream to follow in The Hustle's footsteps, providing "more resources, knowledge, and the rocket fuel needed to grow Mindstream to new heights."

Today, Mindstream continues as part of the HubSpot Media Network, maintaining its distinctive voice while reaching a wider audience. Village and Biddlecombe emphasize that their success wouldn't have been possible without the right platform, stating, "If you want to build a newsletter business, simply nothing else compares. We owe our success to beehiiv."

Key Takeaways for Newsletter Creators

• Consistency is crucial - Mindstream never missed a day in 650+ editions
• Growth requires both organic and paid strategies - "hustle your way to the top"
• Platform selection matters - choose tools built specifically for newsletters
• Daily publishing maximizes ad inventory and revenue potential
• Community engagement through interactive features drives reader loyalty