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July 17, 2025 – Substack, the leading platform empowering independent content creators, today announced it has successfully closed a $100 million Series C funding round. This significant investment, co-led by BOND and The Chernin Group (TCG), pushes the company's valuation beyond $1.1 billion, underscoring strong investor confidence in Substack's pivotal role in the rapidly expanding creator economy.
The funding round saw participation from a diverse group of prominent investors, including Andreessen Horowitz (a16z), Klutch Sports Group founder Rich Paul, and Skims co-founder Jens Grede. As part of the investment, Mood Rowghani, a General Partner at BOND, will join Substack’s board. This latest capital injection brings Substack’s total funding to approximately $200 million since its founding in 2017.
Substack has rapidly emerged as a dominant force in the creator economy, providing a robust platform for writers, journalists, podcasters, and video creators to directly monetize their content through subscriptions. The company reports surpassing five million paid subscriptions across its platform, more than doubling its two million subscribers from 2023. This growth highlights the platform's appeal and the increasing demand for direct-to-audience content. Furthermore, over 50 creators on Substack are now earning more than $1 million annually through their newsletters, demonstrating the significant earning potential the platform offers.
Substack has successfully attracted established journalists from traditional media outlets, including former CNN anchor Jim Acosta, former ABC journalist Terry Moran, and former MSNBC host Joy-Ann Reid. Jim Acosta, for instance, quickly accumulated over 10,000 paid subscribers within weeks of joining the platform in January, showcasing the platform's ability to foster rapid audience growth for independent voices.
"At Substack, we believe the heroes of culture are the ones who shape it. Technology should serve them, not the other way around," stated Substack co-founders Chris Best, Hamish McKenzie, and Jairaj Sethi in a joint statement. "That's why we're building tools and a network to protect their independence, amplify their voices, and foster deep and direct relationships. This funding is our chance to get behind those people by investing in better tools, broader reach, and deeper support for the writers and creators driving Substack's ecosystem."
Substack operates on a transparent business model, taking a 10% commission on all subscriptions sold through its platform. In return, creators receive comprehensive technical and tactical support, including advertising sales assistance, marketing resources, legal support, and in some cases, healthcare benefits. The company has evolved beyond a simple email service, transforming into a multimedia hub with features for video, podcasts, and community discussions, all designed to empower creators.
The new capital will be strategically deployed to expand Substack's product offerings, invest in new tools for creators, and grow its team. The company also plans to further develop the Substack app, which has evolved into a social media-like ecosystem, allowing users to interact with creators, watch live video, and share posts. This investment reinforces Substack's commitment to empowering creators and fostering a thriving, independent media landscape.
About Substack
Founded in 2017, Substack is the leading platform that enables independent writers and creators to publish directly to their audiences and monetize their content through paid subscriptions. By offering a robust suite of tools for newsletters, podcasts, and video, Substack empowers creators to build sustainable businesses and foster direct relationships with their readers and listeners. Substack is dedicated to building an economic engine that supports creative freedom and independent journalism.
Compiled by CMO Intern team
