According to Bloomberg, as reported by ChainCatcher, the news newsletter platform Substack for independent writers has recently completed a $100 million funding round, after which Substack's valuation reached $1.1 billion.
This round of funding was led by BOND and Chernin Group, with participation from Andreessen Horowitz, Rich Paul, founder of Klutch Sports Group, and Jens Grede, co-founder of Skims Body Inc.
Founded in 2017, Substack allows creators to sell paid subscriptions for news newsletters and has expanded to podcasts and video content. Currently, paid subscription users have exceeded 5 million, and the platform has expanded to include podcast and video content formats. Earlier this year, Substack also launched a $20 million fund to attract content creators from social platforms like TikTok.
