Substack announced on Thursday that it has raised $100 million in Series C funding led by investors at BOND and The Chernin Group (TCG). The round included participation from Andreessen Horowitz; Rich Paul, CEO and founder of Klutch Sports Group; and Jens Grede, CEO and co-founder of Skims.
The New York Times reports that the funding brings Substack’s valuation to $1.1 billion, almost 70% higher than its 2021 valuation of $650 million.
Founded in 2017, Substack has gained popularity as a platform for creators and publishers to monetize their content. The company said in March that it had surpassed 5 million paid subscriptions on its platform, up from 2 million in 2023.
Substack said in the blog post that it will use the funding to invest in “better tools, broader reach, and deeper support for writers and creators.” It also plans to invest in the Substack app.
