Substack Raises $100m From Chernin Group, Andreessen Horowitz, Skims Ceo And More

Substack announced connected Thursday that it has raised $100 cardinal successful Series C backing led by investors astatine BOND and The Chernin Group (TCG). The information included information from Andreessen Horowitz, Rich Paul, CEO and laminitis of Klutch Sports Group, and Jens Grede, CEO and co-founder of Skims.

The New York Times reports that nan backing brings Substack’s valuation to $1.1 billion, almost 70% higher than its 2021 valuation of $650 million.

Founded successful 2017, Substack has gained fame arsenic a level for creators and publishers to monetize their content. The institution said successful March that it had surpassed 5 cardinal paid subscriptions connected its platform, up from 2 cardinal successful 2023.

Substack said successful a blog station that it will usage nan backing to put successful “better tools, broader reach, and deeper support for writers and creators.” It besides plans to put successful nan Substack app.