U.S.-based Substack, known for its paid newsletter platform, has raised $100 million in fresh funding, bringing its market valuation to $1.1 billion and officially joining the Unicorn Club.
The Series C round was led by BOND and The Chernin Group, with participation from Andreessen Horowitz, Rich Paul (CEO of Klutch Sports Group), and Jens Grede (Co-founder of Skims).
Since launching its app in 2022, Substack has seen significant user growth driven by interactive features such as live chats with writers, video streaming, and a Notes feature similar to platforms like X and Bluesky. These tools have attracted millions of readers and writers seeking an independent and engaging content experience.
CEO and co-founder Chris Best stated that the funding will help Substack build a creator-centric ecosystem combining subscriptions and advertising—without repeating the mistakes of legacy social media. He emphasized that the shift toward advertising was a direct response to writer demand.
A representative from The Chernin Group added that there is a strong opportunity to develop a new model of native advertising that aligns with Substack’s user experience and creator needs.
This is Substack’s first major funding round since 2022, when it backed away from a planned $1 billion fundraise and laid off 14% of its workforce. Today, however, investors believe Substack is more mature and well-positioned to thrive amid the shift toward independent journalism and premium paid content.
