Substack raises $100M from Chernin Group, Andreessen Horowitz, Skims CEO, and more

Substack Declaration On Thursday, it collected $ 1 million for the series C fund led by investors of the Bond and Cherinin Group (TCG). Round included the participation of Andresen Horovits; Rich Paul, CEO and founder of CLUCH Sports Group; And the CEO and co-founder of Skims Jeans Grade.

New York Times Reports that bring the fund to a substitute $ 1.1 billion, it is about 70% higher than $ 650 million evaluating $ 2021.

Established in 2017, Substack Creators and publishers have gained popularity as a platform for cashing their contents. The company said in March that it was 5 million has surpassed the given subscription On its platform, 2023 is up to 2 million in 2023.

Substack says on the blog Post It will use funds for “better equipment, broad reach and deep support for writers and manufacturers”. It also plans to invest in the Substack App.