diff --git a/spec/factories.rb b/spec/factories.rb
index 73512a689..106502fc6 100644
--- a/spec/factories.rb
+++ b/spec/factories.rb
@@ -943,4 +943,11 @@ LOREM_IPSUM
   factory :related_content do
   end
 
+  factory :newsletter do
+    sequence(:subject) { |n| "Subject #{n}" }
+    segment_recipient [1, 2, 3, 4, 5, 6].sample
+    sequence(:from) { |n| "noreply#{n}@consul.dev" }
+    sequence(:body) { |n| "Body #{n}" }
+  end
+
 end
diff --git a/spec/features/admin/newsletter/emails_spec.rb b/spec/features/admin/newsletter/emails_spec.rb
new file mode 100644
index 000000000..a73f4efc8
--- /dev/null
+++ b/spec/features/admin/newsletter/emails_spec.rb
@@ -0,0 +1,129 @@
+require 'rails_helper'
+
+feature "Admin newsletter emails" do
+
+  background do
+    admin = create(:administrator)
+    login_as(admin.user)
+    create(:budget)
+  end
+
+  scenario "Show" do
+    newsletter = create(:newsletter, subject: "This is a subject",
+                                     segment_recipient: 1,
+                                     from: "no-reply@consul.dev",
+                                     body: "This is a body")
+
+    visit admin_newsletter_path(newsletter)
+
+    expect(page).to have_content "This is a subject"
+    expect(page).to have_content I18n.t("admin.segment_recipient.#{newsletter.segment_recipient}")
+    expect(page).to have_content "no-reply@consul.dev"
+    expect(page).to have_content "This is a body"
+  end
+
+  scenario "Index" do
+    3.times { create(:newsletter) }
+
+    visit admin_newsletters_path
+
+    expect(page).to have_css(".newsletter", count: 3)
+
+    Newsletter.all.each do |newsletter|
+      within("#newsletter_#{newsletter.id}") do
+        expect(page).to have_content newsletter.subject
+        expect(page).to have_content I18n.t("admin.segment_recipient.#{newsletter.segment_recipient}")
+      end
+    end
+  end
+
+  scenario "Create" do
+    visit admin_newsletters_path
+    click_link "New newsletter"
+
+    fill_in_newsletter_form(subject: "This is a subject",
+                            segment_recipient: "Proposal authors",
+                            body: "This is a body" )
+    click_button "Create Newsletter"
+
+    expect(page).to have_content "Newsletter created successfully"
+    expect(page).to have_content "This is a subject"
+    expect(page).to have_content "Proposal authors"
+    expect(page).to have_content "no-reply@consul.dev"
+    expect(page).to have_content "This is a body"
+  end
+
+  scenario "Update" do
+    newsletter = create(:newsletter)
+
+    visit admin_newsletters_path
+    within("#newsletter_#{newsletter.id}") do
+      click_link "Edit"
+    end
+
+    fill_in_newsletter_form(subject: "This is a subject",
+                            segment_recipient: "Investment authors in the current budget",
+                            body: "This is a body" )
+    click_button "Update Newsletter"
+
+    expect(page).to have_content "Newsletter updated successfully"
+    expect(page).to have_content "This is a subject"
+    expect(page).to have_content "Investment authors in the current budget"
+    expect(page).to have_content "no-reply@consul.dev"
+    expect(page).to have_content "This is a body"
+  end
+
+  scenario "Destroy" do
+    newsletter = create(:newsletter)
+
+    visit admin_newsletters_path
+    within("#newsletter_#{newsletter.id}") do
+      click_link "Delete"
+    end
+
+    expect(page).to have_content "Newsletter deleted successfully"
+    expect(page).to have_css(".newsletter", count: 0)
+  end
+
+  scenario 'Errors on create' do
+    visit new_admin_newsletter_path
+
+    click_button "Create Newsletter"
+
+    expect(page).to have_content error_message
+  end
+
+  scenario "Errors on update" do
+    newsletter = create(:newsletter)
+    visit edit_admin_newsletter_path(newsletter)
+
+    fill_in "newsletter_subject", with: ""
+    click_button "Update Newsletter"
+
+    expect(page).to have_content error_message
+  end
+
+  scenario "Send newsletter email", :js do
+    newsletter = create(:newsletter)
+    visit admin_newsletter_path(newsletter)
+
+    click_link "Send"
+
+    total_users = newsletter.list_of_recipients.count
+    page.accept_confirm("Are you sure you want to send this newsletter to #{total_users} users?")
+
+    expect(page).to have_content "Newsletter sent successfully"
+  end
+
+  scenario "Select list of users to send newsletter" do
+    Newsletter.segment_recipients.each_key do |user_group|
+      visit new_admin_newsletter_path
+
+      fill_in_newsletter_form
+      select I18n.t("admin.segment_recipient.#{user_group}"), from: 'newsletter_segment_recipient'
+      click_button "Create Newsletter"
+
+      expect(page).to have_content(I18n.t("admin.segment_recipient.#{user_group}"))
+    end
+  end
+end
diff --git a/spec/features/admin/newsletters_spec.rb b/spec/features/admin/newsletters_spec.rb
deleted file mode 100644
index fccb63dc8..000000000
--- a/spec/features/admin/newsletters_spec.rb
+++ /dev/null
@@ -1,26 +0,0 @@
-require 'rails_helper'
-
-feature 'Admin newsletters emails' do
-
-  let(:download_button_text) { 'Download zip with users list' }
-
-  background do
-    @admin = create(:administrator)
-    @newsletter_user = create(:user, newsletter: true)
-    @non_newsletter_user = create(:user, newsletter: false)
-    login_as(@admin.user)
-    visit admin_newsletters_path
-  end
-
-  scenario 'Index' do
-    expect(page).to have_content download_button_text
-  end
-
-  scenario 'Download newsletter email zip' do
-    click_link download_button_text
-    downloaded_file_content = Zip::InputStream.open(StringIO.new(page.body)).get_next_entry.get_input_stream {|is| is.read }
-    expect(downloaded_file_content).to include(@admin.user.email, @newsletter_user.email)
-    expect(downloaded_file_content).not_to include(@non_newsletter_user.email)
-  end
-end
-
diff --git a/spec/features/emails_spec.rb b/spec/features/emails_spec.rb
index 02892ef18..aeacbbe8f 100644
--- a/spec/features/emails_spec.rb
+++ b/spec/features/emails_spec.rb
@@ -491,7 +491,34 @@ feature 'Emails' do
 
   end
 
+  context "Newsletter" do
+
+    scenario "Send newsletter email to selected users" do
+      admin = create(:administrator)
+      login_as(admin.user)
+
+      visit new_admin_newsletter_path
+      fill_in_newsletter_form
+      click_button "Create Newsletter"
+
+      expect(page).to have_content "Newsletter created successfully"
+
+      click_link "Send"
+
+      UserSegments.send(Newsletter.first.segment_recipient).each do |user|
+        expect(unread_emails_for(user.email).count).to eq 1
+      end
+
+      email = open_last_email
+      expect(email).to have_subject('This is a different subject')
+      expect(email).to deliver_from('no-reply@consul.dev')
+      expect(email.body.encoded).to include('This is a different body')
+    end
+
+  end
+
   context "Users without email" do
+
     scenario "should not receive emails", :js do
       user = create(:user, :verified, email_on_comment: true)
       proposal = create(:proposal, author: user)
@@ -500,5 +527,6 @@ feature 'Emails' do
 
       expect { open_last_email }.to raise_error "No email has been sent!"
     end
+
   end
 end
diff --git a/spec/lib/user_segments_spec.rb b/spec/lib/user_segments_spec.rb
new file mode 100644
index 000000000..77dff6a27
--- /dev/null
+++ b/spec/lib/user_segments_spec.rb
@@ -0,0 +1,153 @@
+require 'rails_helper'
+
+describe UserSegments do
+  let(:user1) { create(:user) }
+  let(:user2) { create(:user) }
+  let(:user3) { create(:user) }
+
+  describe "#all_users" do
+    it "returns all active users with newsletter enabled" do
+      active_user1 = create(:user, newsletter: true)
+      active_user2 = create(:user, newsletter: true)
+      active_user3 = create(:user, newsletter: false)
+      erased_user  = create(:user, erased_at: Time.current)
+
+      expect(described_class.all_users).to include active_user1
+      expect(described_class.all_users).to include active_user2
+      expect(described_class.all_users).not_to include active_user3
+      expect(described_class.all_users).not_to include erased_user
+    end
+  end
+
+  describe "#proposal_authors" do
+    it "returns users that have created a proposal" do
+      proposal = create(:proposal, author: user1)
+
+      proposal_authors = described_class.proposal_authors
+      expect(proposal_authors).to include user1
+      expect(proposal_authors).not_to include user2
+    end
+
+    it "does not return duplicated users" do
+      proposal1 = create(:proposal, author: user1)
+      proposal2 = create(:proposal, author: user1)
+
+      proposal_authors = described_class.proposal_authors
+      expect(proposal_authors).to contain_exactly(user1)
+    end
+  end
+
+  describe "#investment_authors" do
+    it "returns users that have created a budget investment" do
+      investment = create(:budget_investment, author: user1)
+      budget = create(:budget)
+      investment.update(budget: budget)
+
+      investment_authors = described_class.investment_authors
+      expect(investment_authors).to include user1
+      expect(investment_authors).not_to include user2
+    end
+
+    it "does not return duplicated users" do
+      investment1 = create(:budget_investment, author: user1)
+      investment2 = create(:budget_investment, author: user1)
+      budget = create(:budget)
+      investment1.update(budget: budget)
+      investment2.update(budget: budget)
+
+      investment_authors = described_class.investment_authors
+      expect(investment_authors).to contain_exactly(user1)
+    end
+  end
+
+  describe "#feasible_and_undecided_investment_authors" do
+    it "returns authors of a feasible or an undecided budget investment" do
+      feasible_investment = create(:budget_investment, :feasible, author: user1)
+      undecided_investment = create(:budget_investment, :undecided, author: user2)
+      unfeasible_investment = create(:budget_investment, :unfeasible, author: user3)
+      budget = create(:budget)
+      feasible_investment.update(budget: budget)
+      undecided_investment.update(budget: budget)
+      unfeasible_investment.update(budget: budget)
+
+      investment_authors = described_class.feasible_and_undecided_investment_authors
+      expect(investment_authors).to include user1
+      expect(investment_authors).to include user2
+      expect(investment_authors).not_to include user3
+    end
+
+    it "does not return duplicated users" do
+      feasible_investment = create(:budget_investment, :feasible, author: user1)
+      undecided_investment = create(:budget_investment, :undecided, author: user1)
+      budget = create(:budget)
+      feasible_investment.update(budget: budget)
+      undecided_investment.update(budget: budget)
+
+      investment_authors = described_class.feasible_and_undecided_investment_authors
+      expect(investment_authors).to contain_exactly(user1)
+    end
+  end
+
+  describe "#selected_investment_authors" do
+    it "returns authors of selected budget investments" do
+      selected_investment = create(:budget_investment, :selected, author: user1)
+      unselected_investment = create(:budget_investment, :unselected, author: user2)
+      budget = create(:budget)
+      selected_investment.update(budget: budget)
+      unselected_investment.update(budget: budget)
+
+      investment_authors = described_class.selected_investment_authors
+      expect(investment_authors).to include user1
+      expect(investment_authors).not_to include user2
+    end
+
+    it "does not return duplicated users" do
+      selected_investment1 = create(:budget_investment, :selected, author: user1)
+      selected_investment2 = create(:budget_investment, :selected, author: user1)
+      budget = create(:budget)
+      selected_investment1.update(budget: budget)
+      selected_investment2.update(budget: budget)
+
+      investment_authors = described_class.selected_investment_authors
+      expect(investment_authors).to contain_exactly(user1)
+    end
+  end
+
+  describe "#winner_investment_authors" do
+    it "returns authors of winner budget investments" do
+      winner_investment = create(:budget_investment, :winner, author: user1)
+      selected_investment = create(:budget_investment, :selected, author: user2)
+      budget = create(:budget)
+      winner_investment.update(budget: budget)
+      selected_investment.update(budget: budget)
+
+      investment_authors = described_class.winner_investment_authors
+      expect(investment_authors).to include user1
+      expect(investment_authors).not_to include user2
+    end
+
+    it "does not return duplicated users" do
+      winner_investment1 = create(:budget_investment, :winner, author: user1)
+      winner_investment2 = create(:budget_investment, :winner, author: user1)
+      budget = create(:budget)
+      winner_investment1.update(budget: budget)
+      winner_investment2.update(budget: budget)
+
+      investment_authors = described_class.winner_investment_authors
+      expect(investment_authors).to contain_exactly(user1)
+    end
+  end
+
+  describe "#current_budget_investments" do
+    it "only returns investments from the current budget" do
+      investment1 = create(:budget_investment, author: create(:user))
+      investment2 = create(:budget_investment, author: create(:user))
+      budget = create(:budget)
+      investment1.update(budget: budget)
+
+      current_budget_investments = described_class.current_budget_investments
+      expect(current_budget_investments).to include investment1
+      expect(current_budget_investments).not_to include investment2
+    end
+  end
+end
diff --git a/spec/models/newsletter_spec.rb b/spec/models/newsletter_spec.rb
new file mode 100644
index 000000000..09d66055d
--- /dev/null
+++ b/spec/models/newsletter_spec.rb
@@ -0,0 +1,34 @@
+require 'rails_helper'
+
+describe Newsletter do
+  let(:newsletter) { build(:newsletter) }
+
+  it "is valid" do
+    expect(newsletter).to be_valid
+  end
+
+  it 'is not valid without a subject' do
+    newsletter.subject = nil
+    expect(newsletter).not_to be_valid
+  end
+
+  it 'is not valid without a segment_recipient' do
+    newsletter.segment_recipient = nil
+    expect(newsletter).not_to be_valid
+  end
+
+  it 'is not valid without a from' do
+    newsletter.from = nil
+    expect(newsletter).not_to be_valid
+  end
+
+  it 'is not valid without a body' do
+    newsletter.body = nil
+    expect(newsletter).not_to be_valid
+  end
+
+  it 'validates from attribute email format' do
+    newsletter.from = "this_is_not_an_email"
+    expect(newsletter).not_to be_valid
+  end
+end
diff --git a/spec/support/common_actions.rb b/spec/support/common_actions.rb
index c199b0124..af7b447a3 100644
--- a/spec/support/common_actions.rb
+++ b/spec/support/common_actions.rb
@@ -357,4 +357,11 @@ module CommonActions
     end
   end
 
+  def fill_in_newsletter_form(options = {})
+    fill_in "newsletter_subject", with: (options[:subject] || "This is a different subject")
+    select (options[:segment_recipient] || 'All users'), from: 'newsletter_segment_recipient'
+    fill_in "newsletter_from", with: (options[:from] || "no-reply@consul.dev")
+    fill_in "newsletter_body", with: (options[:body] || "This is a different body")
+  end
+
 end