Substack has announced that it raised $100 million in its latest funding round — a Series C round led by prominent investment firms BOND and The Chernin Group (TCG). Other notable participants in this round include venture capital firm Andreessen Horowitz, Rich Paul, founder and CEO of Klutch Sports Group, and Jens Grede, co-founder and CEO of Skims.
With this new investment, Substack’s overall valuation has reached $1.1 billion — representing an increase of nearly 70% compared to its $650 million valuation in 2021.
Founded in 2017, Substack has become a popular platform for writers and publishers to share their content through a paid subscription model. In March of this year, the company announced that it had surpassed 5 million paid subscriptions on the platform, a significant jump from 2 million in 2023.
Substack stated that the new funding will primarily be used to develop better tools for creators, expand its reach, and provide deeper support to writers. The company also plans to invest further in enhancing the Substack app.
