Last Round
Series C
Jul 17, 2025
Est. Valuation
$1.1B
Total Funding Raised
$200.23M
Momentum
Top 50%
of companies Caplight tracks
Company Overview
Substack is a media technology company that provides a subscription-based publishing platform for independent writers to publish paid newsletters and monetize their content directly from their audiences.
Sector
Media, Entertainment & Gaming
Verticals
Digital Publishing, Creator Economy, Subscription Commerce, Podcasts
Business Model
B2B2C
Customer Profile
Revenue Share, Freemium, Payment Processing Fee
AI Layer
Non-AI
Historical Pricing
Historical view of private secondary pricing and transaction trends.
Substack Comps
Public and private peers based on sector, stage, and business model.
| Company | Status | Est. Valuation | Rev Multiple |
|---|---|---|---|
| OpenAI | Private | $86.0B | ~40x |
| Cohere | Private | $5.0B | -- |
| Competitor 1 | Public | $XX.XB | XXx |
| Competitor 2 | Public | $XX.XB | XXx |
Substack Funding Rounds
Historical fundraising activity
| Round | Date | Amount Raised | Valuation | Investors | Sources |
|---|---|---|---|---|---|
| Series C | Jul 17, 2025 | ||||
| Strategic | Nov 12, 2024 | ||||
| Series B Extension | Apr 1, 2023 | ||||
| Series C | May 26, 2022 | ||||
| Series B | Mar 30, 2021 | ||||
Series A | Jul 16, 2019 |
Substack Investors
Notable investors and investment history
| Investor | Rounds |
|---|---|
| Andreessen Horowitz | Series C, Series B, Series A |
| Duro Ventures | Series A |
| ZhenFund | Seed |
| Wisdom Ventures | Series B Extension |
| The Chernin Group | Seed, Series C |
| Garage Capital | Seed |
| Bond Capital | Series C |
Market signals
Structured signals derived from secondary market and firmographic data.
- Jul 17, 2025
$100M round led by The Chernin Group and BOND.
- Nov 12, 2024
$10M raised with participation from Naval Ravikant and others.
Substack Filings
SEC and related filings with document metadata.
| Typed | Date | Amount Offered | Amount Sold | Filling | Pages | Download |
|---|---|---|---|---|---|---|
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Frequently Asked Questions
Common questions about Substack's valuation, stock price, and market status.