Substack raises $100M from Chernin Group, Andreessen Horowitz, Skims CEO and more

Substack has successfully raised $100 million in its Series C funding round, led by prominent investors from BOND and The Chernin Group (TCG). Notable participants in this funding round include Andreessen Horowitz, Rich Paul, the CEO and founder of Klutch Sports Group, and Jens Grede, CEO and co-founder of Skims. This latest infusion of capital elevates Substack’s valuation to an impressive $1.1 billion, marking a significant increase of nearly 70% from its previous valuation of $650 million in 2021. Since its inception in 2017, Substack has emerged as a favored platform for content creators and publishers looking to monetize their work effectively. In a recent announcement, Substack revealed that it has surpassed 5 million paid subscriptions, a substantial leap from the 2 million recorded earlier this year. The company plans to channel the new funding into enhancing tools for creators, expanding its reach, and providing more robust support for writers. Additionally, investments will be made to further develop the Substack app, ensuring it continues to serve the needs of its growing community.