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
series-c-2025-07-17,2025-07-17,day,Closed round,primary_equity,Series C,100000000,100000000,"BOND, The Chernin Group (TCG)","With: Andreessen Horowitz, Rich Paul, Jens Grede",1100000000,1100000000,Post-money (Substack update to investors on Wefunder),,,,1.69,,,,"Substack, 17 Jul 2025",https://post.substack.com/p/substack-series-c,https://wefunder.com/substack/updates https://techcrunch.com/2025/07/17/substack-raises-100m-from-chernin-group-andreessen-horowitz-skims-ceo-and-more/,Step-up is against the 2021 Series B ($650M); the 2023 community round gave only a pre-money valuation.,2026-11-13
community-2023-04,2023-04-20,day,Closed round,primary_equity,Community round (Wefunder),7809119,7809119,"6,685 investors, mostly readers and writers",,,,Pre-money stated on the offering page (TechCrunch),,,,,,,,Substack on Wefunder,https://wefunder.com/substack/updates,https://techcrunch.com/2023/03/28/substack-opens-up-a-2-million-community-fundraising-round/,"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).",2026-11-13
series-b-2021-03-30,2021-03-30,day,Closed round,primary_equity,Series B,65000000,65000000,Andreessen Horowitz (Andrew Chen),,650000000,650000000,"Reported (New York Times, per TechCrunch 2025); Substack did not state it",,,,,,,,"Substack, 30 Mar 2021",https://on.substack.com/p/investing-in-writers,https://techcrunch.com/2025/07/17/substack-raises-100m-from-chernin-group-andreessen-horowitz-skims-ceo-and-more/,,2026-11-13
series-a-2019-07-16,2019-07-16,day,Closed round,primary_equity,Series A,15300000,15300000,Andreessen Horowitz,With: Y Combinator,,,,,,,,,,,"TechCrunch, 16 Jul 2019",https://techcrunch.com/2019/07/16/substack-series-a/,,Substack was incubated at Y Combinator (TechCrunch).,2026-11-13