# Substack

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/substack

- Industry: Media
- Headquarters: San Francisco, US
- Website: www.substack.com
- Total disclosed funding: $186M
- Latest round: Series C (Jul 17, 2025)
- Investors on record: 7

## About

Based in the US, Substack Inc. is an online platform that enables writers and creators to publish and monetize newsletters while engaging directly with their audience.Substack Inc. operates as a platform for writers and creators to publish newsletters. Founded in 2017, the company is headquartered in San Francisco, US. The founders include Akshay Salunkhe, Alex Cornell, April Xu, Chris Best, Christopher Best, Danna Peña, Eedha Kaul, Federico Cestelli, Frank Lapinski, Hamish Mckenzie, Jasjeet B, Maryam Gharavi, Noa Perugia, Rav Arora, and Ryan Van. In July 2025, Substack Inc. raised USD 100 million in series C funding co-led by investor Bond and TCG, with participation from investors Zhen Fund and Andreessen Horowitz.The series C funding values Substack Inc. at USD 993.58 million post-money. Substack primarily operates as a platform that empowers writers and creators to publish newsletters and engage directly with their audiences. The core offering allows users to create, distribute, and monetize their newsletters, granting them full control over their content and subscriber base. Substack serves a diverse clientele, including independent writers, journalists, and content creators, who utilize the platform to share their insights, stories, and analyses across a multitude of topics. Users benefit from subscription models that facilitate recurring revenue streams, enabling them to cultivate dedicated readerships. The platform is utilized globally, with significant user bases in North America, Europe, and parts of Asia, reflecting its appeal to a wide array of cultures and interests.Substack generates revenue primarily through subscription fees collected from readers who opt to subscribe to individual newsletters. The standard transaction structure involves creators setting subscription prices, which can vary based on the content offered, thereby establishing a direct relationship with their audience. This B2C model allows for various pricing plans that cater to different segments of readers, facilitating both free and paid subscriptions. In addition to individual subscriptions, Substack may engage in partnerships with select creators or publishers, further enhancing its revenue potential. As a platform, it captures a percentage of the revenue generated from paid subscriptions, ensuring that creators maintain a significant share of their earnings while benefiting from the platform's infrastructure and reach.The company will use the July 2025 funding to enhance the Substack app, helping audiences connect with creators and manage their attention more effectively.

## Funding rounds

- Series C, Jul 17, 2025, $100M — Andreessen Horowitz, TCG, ZhenFund, Bond
- Series B, Apr 28, 2021, $65M — Andreessen Horowitz, Fifty Years
- Series A, Jul 8, 2019, $19M — Andreessen Horowitz, Y Combinator
- Seed, Apr 30, 2018, $2M — TCG, ZhenFund, Garage Capital, Fifty Years

## Investors

- TCG (https://capitalatlas.ai/funds/tcg) — Seed, Series C
- ZhenFund (https://capitalatlas.ai/funds/zhenfund) — Seed, Series C
- Garage Capital (https://capitalatlas.ai/funds/garage-capital) — Seed
- Fifty Years (https://capitalatlas.ai/funds/fifty-years) — Seed, Series B
- Andreessen Horowitz (https://capitalatlas.ai/funds/andreessen-horowitz) — Series A, Series B, Series C
- Y Combinator (https://capitalatlas.ai/funds/y-combinator) — Series A
- Bond (https://capitalatlas.ai/funds/bond) — Series C