Substack, the popular platform for writers and podcasters, successfully closed a $100 million Series C funding round led by BOND and The Chernin Group, with support from Andreessen Horowitz, Rich Paul, Jens Grede, and others.
This round brings Substack's valuation to around $1.1 billion, a nearly 70 percent increase from its 2021 valuation—and demonstrates strong investor confidence in its model. With over 5 million paid subscriptions now on the platform, Substack plans to use the new capital to enhance its creator offerings, expand global reach, and deepen support tools—including upgrades to its mobile app.
Notably, the company is beginning to explore advertising as a complement to its core subscription strategy. While Substack has traditionally focused on direct creator-to-reader subscriptions, adding ads reflects a strategic shift to diversify revenue and provide creators with new monetization options.
The investment signals a major milestone in Substack's path—transforming from a niche newsletter service into a full-featured media platform that balances subscriptions, community features, and carefully integrated advertising.