Substack raises $100M, reaching $1.1B valuation
Substack, the popular publishing platform for independent writers and creators, announced Thursday it has raised $100 million in Series C funding, pushing its valuation to $1.1 billion—a nearly 70% increase from its 2021 valuation of $650 million, as reported by The New York Times.
The funding round was led by BOND and The Chernin Group (TCG), with additional backing from high-profile investors including Andreessen Horowitz, Rich Paul (CEO of Klutch Sports Group), and Jens Grede (CEO and co-founder of Skims).
Substack’s Momentum in the Creator Economy
Founded in 2017, Substack has emerged as a major player in the rapidly expanding creator economy, offering writers a direct path to monetization through newsletters and subscriptions. The platform announced in March that it had surpassed 5 million paid subscriptions, more than doubling from 2 million just a year earlier.
This growth signals a strong demand for direct-to-consumer publishing models that give writers editorial control and recurring revenue—two things that traditional media has often struggled to provide.
Investing in the Future of Publishing
In a blog post, Substack said it will use the new capital to improve its creator tools, expand reach, and deepen support for its writer community. A significant portion of the funds will also go toward enhancing the Substack app, a growing hub where readers discover and engage with content beyond email.
The investment arrives at a time when media outlets face increasing financial pressure, while platforms like Substack offer an alternative route for journalists, authors, and experts to grow sustainable, independent businesses.
What’s Next?
With a fresh $100 million war chest and a unicorn valuation, Substack appears poised to solidify its position as the go-to platform for subscription-based content. As the creator economy matures, Substack’s bet on empowering individuals over institutions is paying off—and now, it has the capital to scale that vision even further.
