CoinVoice has recently learned that, according to Bloomberg, the newsletter platform Substack for independent writers has completed a $100 million financing round, bringing its valuation to $1.1 billion.
This financing round was led by BOND and Chernin Group, with participation from Andreessen Horowitz, Klutch Sports Group founder Rich Paul, and Skims Body Inc. co-founder Jens Grede, among others.
Substack was founded in 2017, allowing creators to sell paid subscriptions to newsletters, and has expanded into the podcast and video content space. Currently, the number of paid subscribers has surpassed 5 million, and it has expanded into content formats such as podcasts and videos. Earlier this year, Substack also launched a $20 million fund to attract content creators from social platforms like TikTok. [Original link]
