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

Who backs Substack?

51 investors
InvestorType
Andreessen HorowitzVenture capital
General CatalystVenture capital
Metaplanet HoldingsVenture capital
Quiet Capital—
Collaborative FundOther
TriplePoint CapitalVenture capital
FundersClubVenture capital
Icehouse VenturesVenture capital
BOND Capital (San Francisco)Venture capital
Naval RavikantHigh net worth
+ 41 more investors · a free account shows the complete list
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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.

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