The round gives Substack a post-money valuation of about $1.1 billion and brings its total funding to date to around $200 million. The company has just over 100 employees, according to a rep.

Substack has raised $100 million in a funding round led by venture capital firms Bond and the Chernin Group at a valuation of $1.1 billion, the newsletter platform said on Thursday.

The New York Times reports that the funding brings Substack's valuation to $1.1 billion, almost 70% higher than its 2021 valuation of $650 million.

Substack’s growth metrics are certainly impressive. The platform added a million paying subscribers in the four months to March 2025, taking its total number of paid subscribers to 5 million.

Substack is essentially the 3.0 sophisticated incarnation of the blog-stroke-newsletter, its aim to secure a subscription fee for access to at least some of the writer’s content.