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Substack

Publishing · San Francisco, CA · Founded 2017 · Privately Held (backing)

Operator of a subscription-based publishing platform intended to generate money from newsletter subscriptions. Substack is based in San Francisco, CA and was founded in 2017. It was valued at $1.1 billion at its later-stage round in Jul 2025, the last priced event on record. It has raised $220 million across 4 recorded rounds; the latest was an $83.3 million Series B in Sep 2024.

PMV mark · valuation
$1.1B
Oct 2026
Priced at
its later-stage round
Jul 2025
Total raised
$220.3M
Last round
Later Stage VC (Series B)
Sep 2024

Substack key facts

as of Oct 2026
  • Operator of a subscription-based publishing platform intended to generate money from newsletter subscriptions.
  • Substack is valued at approximately $1.1B as of Oct 2026, set at its later-stage round, Jul 2025; nothing has traded since, per PrivateMarketView’s mark.
  • It has raised $220.3M across 4 recorded rounds; the latest was Later Stage VC (Series B) ($83.3M) in Sep 2024.
  • Notable investors include Andreessen Horowitz, General Catalyst, Metaplanet Holdings, Quiet Capital, Collaborative Fund — 51 tracked in total.
  • Substack has filed 3 Form Ds with the SEC since 2019, most recently May 2023 ($3.3M sold to 1 investors).
  • Status: Privately Held (backing).
PrivateMarketView mark
LOW confidence
$1.1B

Valued at $1.1B at its later-stage round, Jul 2025. Nothing has traded since.

set by its last priced roundas of Oct 2026question about this number?
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Substack funding rounds

4 rounds
Sep 2024Later Stage VC (Series B)$83.3M▮
May 2023Seed Round$3.3MSEC filing▮
Apr 2021Later Stage VC$65.0MSEC filing▮
Jul 2019Early Stage VC$19.1MSEC filing▮
Full funding history →

Substack valuation

Substack was valued at $1.1 billion at its later-stage round in Jul 2025. That is the last priced event on record: no secondary trade or institutional fund mark has moved the figure since.

How much has Substack raised?

Substack has raised $220 million across 4 recorded rounds since 2019. The largest was an $83.3 million Series B in Sep 2024.

Substack has filed 3 Form Ds with the SEC since 2019, most recently in May 2023 ($3.3 million sold to 1 investor).

Substack investors

51 investors are on record for Substack, including Andreessen Horowitz, General Catalyst, Metaplanet Holdings and Quiet Capital. By type, the record holds 15 venture capital firms and 3 angel investors. The Series B in Sep 2024 drew 33 investors.

About Substack

Operator of a subscription-based publishing platform intended to generate money from newsletter subscriptions. The company's publication accommodates text, audio, and video tools to publish posts directly in subscribers' inboxes without ads to improve client relations, enabling users to start an email newsletter and publish.

Industry
Publishing
Sector
Consumer Products and Services (B2C)
HQ
San Francisco, CA, United States
Founded
2017
Employees
100
Ownership
Privately Held (backing)

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