Substack has raised $100 million in a Series C round, enhancing its valuation to $1.1 billion. The transaction was led by BOND and The Chernin Group, with participation from Andreessen Horowitz, Klutch Sports Group’s Rich Paul, and Skims co-founder and CEO Jens Grede. The funds raised will be utilized to develop tools, expand reach, and strengthen support for creators, particularly through further investment in the Substack app.

Summary of transaction details:

• Deal Type: Series C
• Transaction Amount: $100,000,000
• Valuation: $1,100,000,000
• Key Investors: BOND, The Chernin Group, Andreessen Horowitz, Rich Paul & Jens Grede
• Hosting over 5 million paid subscriptions

Founded in 2017 by Chris Best, who serves as CEO, Substack focuses on empowering writers and publishers to monetize their content directly. The significant investment reflects confidence in the platform's business model and its ability to support creators effectively as it aims to enhance its offerings moving forward.