Newsletter platform Substack raises $100 million, reaching a valuation of $1.1 billion

According to ChainCatcher, Bloomberg reports that Substack, a newsletter platform for independent writers, has recently completed a $100 million funding round, bringing Substack's valuation to $1.1 billion after this round.

This round was led by BOND and Chernin Group, with participation from Andreessen Horowitz, Klutch Sports Group founder Rich Paul, and Skims Body Inc. co-founder Jens Grede, among others.

Founded in 2017, Substack enables creators to sell paid subscriptions to their newsletters and has since expanded into podcasts and video content. The number of paid subscribers has now surpassed 5 million, and the platform has broadened its content formats to include podcasts and video. Earlier this year, Substack also launched a $20 million fund to attract content creators from social platforms such as TikTok.