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 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.
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 |
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 |
Market signals
Structured signals derived from secondary market and firmographic data.
- May 28, 2026
Added Atlantameetings, a hospitality company, as a customer.
- May 12, 2026
Added The Zog as a customer
Recent news
Latest coverage and updates
- has_valuationSep 5, 2026
Substack Inc. had valuation of $1.1B on Jul 1st '25.
- is_developingAug 23, 2026
Substack Inc. is developing tool that analyzes texts longer than 100 words..
- launchesAug 20, 2026
Substack Inc. launched Notes scheduler on web, iOS on May 1st '26.
- integrates_withAug 1, 2026
Substack Inc. integrated with Typefully Inc. on Aug 1st '26.
- launchesJul 31, 2026
Substack Inc. launched software to assist customers determine AI-written newsletters on Jul 23rd '26.
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.
Request accessFrequently 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 with no public stock price. No recent secondary market data is available.
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. Visit https://www.caplight.com to learn more.
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 for private companies. Visit https://www.caplight.com to monitor Substack's secondary market activity and sign up for updates.