Substack has announced that it has raised $100 million in Series C funding, led by investors at BOND and The Chernin Group (TCG), with participation from Andreessen Horowitz, Rich Paul (CEO and founder of Klutch Sports Group), and Jens Grede (CEO and co-founder of SKIMS).
Substack is an online platform that helps writers, journalists, podcasters, and other content creators publish and monetize their work through subscriptions.
The company offers a range of publishing tools, including newsletters, podcasts, video content, notes, and live chat. Creators on the platform can provide both free and paid subscriptions. With paid subscriptions, Substack handles all payment processing and analytics while taking a 10% cut of the revenue (plus credit card processing fees).
Substack also allows creators to own their subscriber lists and content. If a creator chooses to leave Substack, they can export their email list and content.
Substack was founded in October 2017 by Chris Best (CEO), Jairaj Sethi (CTO), and Hamish McKenzie (Chief Writing Officer). The three had previously worked together at the messaging app Kik.
Some of the most popular Substack creators include:
1.) Heather Cox Richardson (Letters from an American): A historian whose daily summaries of U.S. political news have attracted a huge following and are among the platform’s highest earners.
2.) Lenny Rachitsky (Lenny’s Newsletter): Focuses on product, growth, and career advice in the tech industry. It consistently ranks as one of the top business bestsellers.
3.) Gergely Orosz (The Pragmatic Engineer): Offers in-depth discussions on software engineering, tech careers, and industry trends, with a large subscriber base.
4.) Richard Rushfield (The Ankler): Covers the entertainment industry with insider analysis.
5.) Noah Smith (Noahpinion): Shares insights on economics and current events.
6.) Bari Weiss (The Free Press): A former New York Times opinion editor, her publication covers news and culture with an emphasis on free inquiry and independent thinking.
7.) Anne Helen Petersen (Culture Study): Examines various aspects of culture, work, and modern life.
8.) Sam Harris: A well-known public intellectual and author who publishes essays and podcasts on a wide range of topics.
9.) Alison Roman: A popular food writer and chef who shares recipes, stories, and advice.
10.) Jessica Reed Kraus (House Inhabit): A blogger sharing her thoughts on current events and culture.
New board member: BOND’s Mood Rowghani will join the board.
KEY QUOTES:
At Substack, we believe the heroes of culture are the ones who shape it. Technology should serve them, not the other way around. That’s why we’re building tools and a network to protect their independence, amplify their voices, and foster deep and direct relationships. These are the people who will lead us to a better culture and a future we can believe in.
This funding is our chance to get behind them. We’ll invest in better tools, broader reach, and deeper support for the writers and creators driving Substack’s ecosystem. Already, hundreds of millions of dollars flow from audiences to creators there every year. Millions use the app weekly and pay for the work they discover. But this is just the beginning.
The model is working—across writing, audio, video, and communities—and this funding lets us go further. We’re doubling down on the Substack app, which is designed to help audiences reclaim their attention and connect with the creators they care about. We aim to prove that a media app can be fun and rewarding without melting your brain. An escape from the doomscroll, and a place to take back your mind.
We’re also building tools that give superpowers to anyone who has something important to say. Creators face enough challenges without juggling logistics and expenses. Substack should feel like a studio in your pocket—we take care of everything except the hard part: the creative work itself.
Most importantly, we’re building an economic engine to power this entire cultural ecosystem. Our model is simple: creators make money by serving their communities, and Substack succeeds only when they do. Audiences vote with attention and money for the culture they want, acting as collaborators in shaping a media ecosystem rooted in intention and connection. And everyone is part of a network that rewards trust, not manipulation. Substack is growing fast around the world, and we’re accelerating our work to bring the platform to new markets, so more people everywhere can support the creators they care about.
Statement from Substack
