Substack, the independent publishing platform, has raised USD $100 million in a Series C funding round to enhance its tools for creators and expand its reach.
Co-founded in 2017 by Waterloo Engineering alum Chris Best (BASc ’10, systems design engineering), Waterloo Math alum Jairaj Sethi and former tech reporter Hamish McKenzie, the company — now valued at USD $1.1 billion — aims to further invest in its app and introduce advertising support for writers on the platform.
Substack is popular with journalists and independent writers, offering creators the ability to publish content, manage subscribers and earn income directly from readers. The platform takes a 10 per cent commission on subscription revenue and has more than five million paid subscribers as of March.
According to a media article, the company said it plans to use the funding to enhance its app’s capabilities, build better tools for its publishers and enable advertising on the platform.
“Creators are building livelihoods based on trust, quality, and creative freedom,” the co-founders wrote in a joint Substack post. “They know the future belongs to those who build it.”
The funding round was reported to be led by American firms BOND and The Chernin Group, with participation from a16z, Klutch Sports Group CEO Rich Paul and SKIMS CEO Jens Grede.