Substack raises $100M from Chernin Group, Andreessen Horowitz, Skims CEO and extra

Substack introduced on Thursday that it has raised $100 million in Collection C funding led by traders at BOND and The Chernin Group (TCG). The spherical included participation from Andreessen Horowitz, Wealthy Paul, CEO and founding father of Klutch Sports activities Group, and Jens Grede, CEO and co-founder of Skims.

The New York Occasions reviews that the funding brings Substack’s valuation to $1.1 billion, nearly 70% greater than its 2021 valuation of $650 million.

Based in 2017, Substack has gained reputation as a platform for creators and publishers to monetize their content material. The corporate stated in March that it had surpassed 5 million paid subscriptions on its platform, up from 2 million in 2023.

Substack stated in a weblog publish that it’s going to use the funding to spend money on “higher instruments, broader attain, and deeper help for writers and creators.” It additionally plans to spend money on the Substack app.