Key facts
- Substack’s last known valuation is $1.1B (Jul 2025).
- It has raised $220.3M across 4 recorded rounds; the latest was Later Stage VC (Series B) ($83.3M) in Sep 2024.
- Notable investors include Andreessen Horowitz, General Catalyst, Metaplanet Holdings, Quiet Capital, Collaborative Fund — 51 tracked in total.
- Substack has filed 3 Form Ds with the SEC since 2019, most recently May 2023 ($3.3M sold to 1 investors).
- Status: Privately Held (backing).
- ·Post-money valuations for all 4 rounds
- ·The complete investor list — 51 names
- ·Watchlist + deal alerts for Substack
Funding rounds
4 roundsAbout Substack
Operator of a subscription-based publishing platform intended to generate money from newsletter subscriptions. The company's publication accommodates text, audio, and video tools to publish posts directly in subscribers' inboxes without ads to improve client relations, enabling users to start an email newsletter and publish.
- Industry
- Publishing
- Sector
- Consumer Products and Services (B2C)
- HQ
- San Francisco, CA, United States
- Founded
- 2017
- Employees
- 100
- Website
- substack.com/
- Ownership
- Privately Held (backing)
Substack doesn't have a composite mark yet — a PA Mark is published once enough pricing inputs exist (trade prints, fund marks, round prices). The rest of the record below builds toward it.
Recorded secondary trades
No secondary trades in Substack shares have been recorded yet. When a print lands — third-party, direct report, or platform — it appears here with structure, source, and price.
Institutional fund marks
No SEC-registered fund has reported a fair-value mark on Substack in its N-PORT filings yet. We sweep new filings monthly.