Substack announced on Thursday that it has raised $100 million in Sequence C funding led by buyers at BOND and The Chernin Group (TCG). The spherical included participation from Andreessen Horowitz; Wealthy Paul, CEO and founding father of Klutch Sports activities Group; and Jens Grede, CEO and co-founder of Skims.
The New York Times reviews that the funding brings Substack’s valuation to $1.1 billion, nearly 70% larger than its 2021 valuation of $650 million.
Based in 2017, Substack has gained recognition as a platform for creators and publishers to monetize their content material. The corporate mentioned in March that it had surpassed 5 million paid subscriptions on its platform, up from 2 million in 2023.
Substack mentioned within the weblog post that it’s going to use the funding to put money into “higher instruments, broader attain, and deeper help for writers and creators.” It additionally plans to put money into the Substack app.