Substack Raises $100M at $1.1B Valuation From Chernin Group, A16z, Skims CEO and Others

Deal Summary

Substack raised $100M in a growth-stage funding round led by investors including Chernin Group, Andreessen Horowitz and the CEO of Skims, valuing the company at $1.1 billion—about 70% above its 2021 valuation of $650M. The round expands Substack's capital base to support product and growth initiatives.