Overview
Substack announced $100 million in Series C funding, aiming to strengthen its platform for independent creators and support a new, trust-based media ecosystem.
Series C Funding Announcement
- Substack raised $100 million in Series C funding led by BOND and The Chernin Group, with participation from Andreessen Horowitz and other prominent investors.
- Mood Rowghani from BOND will join Substack’s board of directors.
- The funding will be used to serve creators and their communities more effectively.
Vision for the Future of Media
- Substack emphasizes the importance of technology serving creators and enhancing creative independence.
- The company believes independent creators should be at the center of cultural change, and their work should be enabled—not hindered—by technology.
- Substack is committed to building tools that amplify creators' voices and deepen direct relationships with their audiences.
Strategic Priorities
- Investment in the Substack app to offer a healthier, more rewarding alternative to traditional social media platforms.
- Development of additional tools to simplify the creative process and reduce logistical burdens for creators.
- Ongoing global expansion to bring Substack’s platform and model to new markets and audiences.
Creator-Centric Economic Model
- Substack’s revenue model aligns its success with the success of its creators; creators earn money by serving their communities.
- Audiences are encouraged to support quality content by subscribing and paying for work they value.
- The ecosystem is designed to reward trust, integrity, and connection rather than manipulation.
Commitment to Independence and Community
- Substack aims to provide technologies that empower creators to control their online spaces and set their own rules.
- The platform aspires to build a system that encourages integrity, curiosity, and courage among its users.
- Community feedback and participation are valued as essential to shaping the future of media on Substack.
Decisions
- Pursue global expansion and platform development with Series C funding.
- Focus on creator support and app improvements as primary strategic initiatives.
Action Items
- TBD – Substack Team: Invest new capital into app development, creator tools, and market expansion.
- TBD – Product Team: Enhance features that strengthen direct relationships and financial support for creators.