About Substack
Substack is a company based in San Francisco (United States) founded in 2017 by Jairaj Sethi, Hamish McKenzie, and Christopher Best.. Substack has raised $189.5 million across 6 funding rounds from investors including TCG Ventures, Andrew Chen and Andreessen Horowitz. Substack has completed 2 acquisitions, including Cocoon and Yem. Substack operates in a competitive market with competitors including Patreon, WordPress, Scoop.it, Clickability and Brightspot, among others.
- Headquarter San Francisco, United States
- Founders Jairaj Sethi, Hamish McKenzie, Christopher Best
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Sectors
Media & Entertainment
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Email
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Phone
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Website
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Social
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$189.5 M (USD)
in 6 rounds
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Latest Funding Round
$100 M (USD), Series C
Jul 17, 2025
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Investors
TCG Ventures
& 10 more
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Employee Count
Employee Count
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Investments & Acquisitions
Cocoon
& 1 more
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Funding Insights of Substack
Substack has successfully raised a total of $189.5M across 6 strategic funding rounds. The most recent funding activity was a Series C round of $100 million completed in July 2025. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 6
- Last Round Series C — $100.0M
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First Round
First Round
(08 Feb 2018)
- Investors Count 11
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2025 | Amount | Series C - Substack | Valuation | Bond Capital , TCG Ventures | |
| May, 2023 | Amount | Series B - Substack | Valuation |
investors |
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| Mar, 2021 | Amount | Series B - Substack | Valuation | Andrew Chen |
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| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Substack
Substack has secured backing from 11 investors, including angel, venture fund, and institutional investors. Prominent investors backing the company include TCG Ventures, Andrew Chen and Andreessen Horowitz. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Venture capital investments in technology sectors are handled by Andreessen Horowitz.
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Founded Year | Domain | Location | |
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Early-stage startups are accelerated via funding and educational programs.
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Founded Year | Domain | Location | |
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Tech & Offline focused Seed stage VC Firm investing primarily in Asia and the US
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Substack
Substack has strategically engaged in corporate development activities, having acquired 2 companies. Notable acquisitions include Cocoon and Yem. These strategic investments and acquisitions demonstrate the company's commitment to growth through portfolio expansion, market consolidation, technology integration, and strategic partnerships that enhance competitive positioning and drive long-term value creation.
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Platform offering email marketing software
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2021 | ||||
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Employee leave management software is provided by Cocoon.
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2020 |
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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OVO is recognized as a smart digital payment application.
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2017 | ||||
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Bionic investment advisor platform
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 |
Financial Statements - Substack
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Substack Comparisons
Competitors of Substack
Substack operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Patreon, WordPress, Scoop.it, Clickability and Brightspot, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Reward-based crowdfunding is facilitated for content creators and musicians.
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| domain | founded_year | HQ Location |
Cloud-based website development and content management platform is offered.
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| domain | founded_year | HQ Location |
Content curation and social sharing platform for businesses
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| domain | founded_year | HQ Location |
SaaS platform is offered for managing web content across platforms.
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| domain | founded_year | HQ Location |
CMS solutions for digital publishers are provided and managed.
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| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Substack
Frequently Asked Questions about Substack
When was Substack founded?
Substack was founded in 2017 and raised its 1st funding round 1 year after it was founded.
Where is Substack located?
Substack is headquartered in San Francisco, United States. It is registered at San Francisco, California, United States.
Who is the current CEO of Substack?
Christopher Best is the current CEO of Substack. They have also founded this company.
Is Substack a funded company?
Substack is a funded company, having raised a total of $189.5M across 6 funding rounds to date. The company's 1st funding round was a Series B of $65M, raised on Feb 08, 2018.
What does Substack do?
Substack was founded in 2017 in San Francisco, United States, as a content management platform in the digital publishing sector. Independent publishers are supported through tools for hosting and content creation. Subscriptions and memberships from readers are facilitated to replace ad-based revenue. Payments are processed on behalf of publishers, with a share of subscription income retained as the platforms fee. Operations focus on enabling direct monetization for creators.
Who are the top competitors of Substack?
How many acquisitions has Substack made?
Who are Substack's investors?
Substack has 11 investors. Key investors include TCG Ventures, Andrew Chen, Andreessen Horowitz, Y Combinator, and Zhen Fund.
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