Private Valuation & Funding Round Tracker · Substack

Substack funding rounds & valuation history

Name: Substack Funding Rounds & Valuation History
Creator: growthnavigatefunding.net

Substack, the San Francisco newsletter and subscription publishing platform, from its 2019 Series A to the 2025 Series C, sourced to Substack’s own posts, its Wefunder page and TechCrunch.

Last updated: 13 Nov 2026 (IST). Every figure re-checked against the linked sources that day. Rows: 4 Currency: US$, nominal

⬇ Download CSV Cite this dataset Methodology & status definitions

Last closed round Closed

$1.1B

$100M Series C, Jul 2025 (post-money)

Up-step, Series C

1.69×

$1.1B vs $650M in 2021 (GNF calc.)

Community round

$7.8M

From 6,685 investors, Apr 2023

Raised, Series A–C

$188M

Sum of the four rounds on this page (GNF calc.)

Round history

Newest first. Dashed badges and striped rows are not closed transactions. “—” means the source does not disclose the figure or it cannot be computed on the same basis; see the note in each row.

Substack funding rounds, July 2019 to July 2025
Date	Status	Round	Amount	Lead / buyer	Valuation	Val. ÷ run-rate	Source
17 Jul 2025	Closed round	Series CStep-up is against the 2021 Series B ($650M); the 2023 community round gave only a pre-money valuation.	$100M	BOND, The Chernin Group (TCG)With: Andreessen Horowitz, Rich Paul, Jens Grede	$1.1BPost-money (Substack update to investors on Wefunder)1.69× vs prior closed	—Not disclosedNo run-rate stated in the announcement	Substack, 17 Jul 2025Also: Substack on Wefunder, TechCrunch, 17 Jul 2025
20 Apr 2023	Closed round	Community round (Wefunder)Opened 28 Mar 2023 with a $2M goal; closed to new investors on 20 Apr 2023 after raising $7,809,119 (Wefunder). Not charted (pre-money only).	$7.8M	6,685 investors, mostly readers and writers	$585M pre-moneyPre-money stated on the offering page (TechCrunch)	—Not disclosedNo run-rate stated in the announcement	Substack on WefunderAlso: TechCrunch, 28 Mar 2023
30 Mar 2021	Closed round	Series B	$65M	Andreessen Horowitz (Andrew Chen)	$650MReported (New York Times, per TechCrunch 2025); Substack did not state it	—Not disclosedNo run-rate stated in the announcement	Substack, 30 Mar 2021Also: TechCrunch, 17 Jul 2025
16 Jul 2019	Closed round	Series ASubstack was incubated at Y Combinator (TechCrunch).	$15.3M	Andreessen HorowitzWith: Y Combinator	Not stated in the source readNo company valuation stated by the source	—Not disclosedNo run-rate stated in the announcement	TechCrunch, 16 Jul 2019

Step-up = valuation ÷ the prior closed valuation (GNF calc.).

Valuation at each closed round

Closed rounds with a post-money or reported valuation. The 2019 Series A (not stated) and the 2023 community round ($585M pre-money) are not plotted.

Series BMar 2021$650M
Series CJul 2025$1.1B

Sources: Substack; TechCrunch. US$, linear scale.

Timeline

Each round and share sale, oldest first.

16 Jul 2019 · Closed
Series A: $15.3M led by Andreessen Horowitz.
30 Mar 2021 · Closed
Series B: $65M led by Andreessen Horowitz, at a reported $650M.
20 Apr 2023 · Closed
Community round on Wefunder: $7.8M from 6,685 investors at $585M pre-money.
17 Jul 2025 · Closed
Series C: $100M led by BOND and TCG at $1.1B post-money.

Still private: Substack has not filed for an IPO and is not owned by a listed company. No round has been announced since the July 2025 Series C (Substack).

Cite this dataset

Free to quote with a link back. Copy this citation:

Substack Funding Rounds & Valuation History. Private Valuation & Funding Round Tracker, GrowthNavigateFunding.net, updated 13 Nov 2026. https://growthnavigatefunding.net/funding/substack/

Download the data

The same 4 rows as the table: numeric US$ columns, empty cells where a figure is not disclosed, and a source URL for every row.

File: substack-rounds.csv (UTF-8, comma-separated)
Stable URL: https://growthnavigatefunding.net/wp-content/uploads/2026/11/substack-rounds.csv
Columns: id, date, date_precision, status, transaction_type, round, amount_usd_low, amount_usd_high, lead_or_buyer, co_leads, valuation_usd_low, valuation_usd_high, valuation_basis, valuation_to_run_rate_multiple, multiple_bound, multiple_basis, step_up_vs_prior_closed, price_per_share_usd_low, price_per_share_usd_high, shares, source, source_url, other_source_urls, notes, last_updated
Updated: 13 Nov 2026 (IST)

⬇ Download CSV

Methodology & status definitions

How each row is labelled and calculated.

Closed round

A primary round announced by the company or confirmed in the press, bringing new money to the company.

Valuation ÷ run-rate

Post-money valuation ÷ the run-rate the company stated in that announcement (GNF calc.). Where the run-rate is “crossed” or “over” a figure, the multiple is shown as “under X×”. No row qualifies here unless shown, so no multiple is invented.

What is not a separate row

The 2017 seed round, grants and writer advances, and payout or subscriber statistics outside round announcements.

Updates & corrections

This page stays at one address and is updated in place; the “Last updated” date above drives the citation and the dataset metadata. Corrections: hello@growthnavigatefunding.net. Informational only; not investment advice.

Changelog

13 Nov 2026: Dataset first compiled (batch 2, not yet published).

Substack Funding Rounds & Valuation History (2019–2025)