Substack raises $100 million in new funding, with a valuation of $1.1 billion

Odaily News Substack, a paid content subscription platform, recently completed a $100 million financing, with the latest valuation reaching $1.1 billion. This round of financing was led by BOND and Chernin Group, and participated by Andreessen Horowitz, Rich Paul, founder of Klutch Sports Group, and Jens Grede, co-founder of Skims Body Inc.
Substack was founded in 2017 and has received support from well-known investment institutions including Andreessen Horowitz (a16z), Y Combinator, and Fifty Years. Currently, the number of paid subscribers has exceeded 5 million, and it has expanded to content formats such as podcasts and videos. (Bloomberg)