Last Round
Series C
Jul 17, 2025
Est. Valuation
$1.1B
Total Funding Raised
$200.23M
Momentum
Top 50%
of companies Caplight tracks
Company Overview
Substack operates in Media, Entertainment & Gaming and is based in San Francisco, California. Its latest recorded funding round was a Series C round in July 2025.
Substack is a media technology company that provides a subscription-based publishing platform for independent writers and creators to publish and monetize newsletters, podcasts, and video content.
Sector
Media, Entertainment & Gaming
Verticals
Digital Publishing, Creator Economy, Subscription Commerce, Podcasts
Business Model
B2B2C
Customer Profile
Revenue Share, Freemium, Payment Processing Fee
AI Layer
Non-AI
Historical Pricing
Historical view of private secondary pricing and transaction trends.
Substack Comparables
Compare Substack with similar companies based on industry and business-model similarity.
| Company | Similarity | Market Cap |
|---|---|---|
| Medium | 81% | |
| beehiiv | 80% | |
| Paragraph | 79% |
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Substack Funding Rounds
Historical fundraising activity
| Round | Date | Amount Raised | Valuation | Investors | Sources |
|---|---|---|---|---|---|
| Series C | Jul 17, 2025 | ||||
| Strategic | Nov 12, 2024 | ||||
| Series B Extension | Apr 1, 2023 | ||||
| Series C | May 26, 2022 | ||||
| Series B | Mar 30, 2021 | ||||
Series A | Jul 16, 2019 |
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Substack Investors
Notable investors and investment history
| Investor | Rounds |
|---|---|
| Andreessen Horowitz | Series C, Series B, Series A, Seed |
| Duro Ventures | Series A |
| ZhenFund | Seed |
| Wisdom Ventures | Series B Extension |
| The Chernin Group | Seed, Series C |
| Garage Capital | Seed |
| Bond Capital | Series C |
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Market signals
Structured signals derived from secondary market and firmographic data.
- Jul 27, 2026
Added Dramberbelt as a customer
- Jul 6, 2026
Added Jscottbradley, a media/publishing startup, as a customer.
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Substack Filings
Explore SEC and related filing metadata, where available.
| Type | Date | Amount Offered | Amount Sold | Filing | Pages | Download |
|---|
Filing documents are not displayed on this public page. Request access to learn about available coverage.
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Frequently Asked Questions
Common questions about Substack's valuation, stock price, and market status.
Is Substack a public or private company?
Substack is a private company.
What is the current stock price of Substack?
Substack is a private company, so its shares have no public market price. Caplight tracks Substack's secondary market activity and provides MarketPrice™ estimates of its share price to Caplight users.
How much is Substack worth (valuation)?
Substack's valuation is estimated at $1.1B based on funding round data.
Can I buy Substack stock?
Substack shares may be available on secondary markets subject to transfer restrictions. Caplight facilitates secondary market transactions for accredited investors.
When was Substack's last funding round?
Substack's most recent funding round was Series C on July 17, 2025.
Who are the main investors in Substack?
Key investors in Substack include Andreessen Horowitz, The Chernin Group, Bond Capital, BOND.
Will Substack IPO soon?
No public IPO plans have been announced for Substack.
How can I track Substack secondary market activity?
Caplight tracks bids, offers, and trades in Substack's shares on secondary markets.