Where does Substack's cap table come from?

Share classes are assembled from certificates of incorporation, priced-round filings, and disclosures across Substack's 4 recorded funding rounds.

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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

Cap table — not yet on record

Substack's share-class structure hasn't surfaced in our sources yet. Cap tables are assembled from certificates of incorporation, round filings, and disclosures as they land.

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Frequently asked about Substack

Where does Substack's cap table come from?: Share classes are assembled from certificates of incorporation, priced-round filings, and disclosures across Substack's 4 recorded funding rounds.