Substack

Method

Chris Best, Hamish McKenzie and Jairaj Sethi found Substack in San Francisco in 2017 and it pays writers from launch, keeping 10 percent of subscription revenue. Andreessen Horowitz leads a 15.3 million dollar Series A in 2019 and a 65 million dollar round in 2021 at a 650 million dollar valuation. Substack Pro pays advances to recruited writers in 2021 and 2022, including a reported 250,000 dollars to Matthew Yglesias. Paid subscriptions grow from 500,000 in 2021 to 4 million in November 2024 and 5 million in March 2025. In July 2025 Substack raises 100 million dollars at a 1.1 billion dollar valuation led by a16z with The Chernin Group, BOND, Skims founder Jens Grede and Klutch founder Rich Paul. Substack TV launches in January 2026. Heather Cox Richardson is its largest individual publication.

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The path: money and goods moving

• backed byThe Chernin GroupThe Chernin Group joins Substack's 2 million dollar seed in May 2018 and the 100 million dollar round at a 1.1 billion dollar valuation reported July 17, 2025 alongside Andreessen Horowitz and BOND.2018 to 2025
• paysHeather Cox RichardsonLetters from an American is Substack's most successful individual paid publication by December 2020, with revenue reported above 1 million dollars a year, and reaches 2.5 million subscribers in July 2025.2019 to present
• backed byAndreessen HorowitzAndreessen Horowitz leads Substack's 15.3 million dollar Series A on July 16, 2019 and its 2021 Series B at a 650 million dollar valuation, and joins the 100 million dollar round at 1.1 billion dollars reported July 17, 2025.2019 to 2025
• paysMatthew YglesiasSlow Boring launches on Substack in November 2020 and by October 2024 is reported to earn more than 1 million dollars a year, with Substack keeping 10 percent.2020 to present