United States · Who invested in Substack?
Substack's investors include Andreessen Horowitz, Y Combinator, Bond, Quiet Capital and The Chernin Group, and 4 more on record.
2020202120222023202420252026
$15MSeries A$100MSeries C?Venture
United States · Venture startup
Who invested in Substack
3 rounds we have observed, with the 9 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it.
Raised 10 months agoValuation: $1.1B, Mar 2026Y Combinator: W18
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Funding summaryUpdated 5 Nov 2026
$115Mraised across 3 rounds since 2019, from 3 sources
$15MSeries A$100MSeries C
- Latest round
- VentureJan 2026
- Biggest round
- $100MSeries C · Jul 2025
- Investors
- 9 (3 led)
The funding story
Each circle is a round, placed by date and sized by amount. The line above is the running total.
- First round
- Series A, $15M Jul 2019
- Biggest round
- $100M Series C · Jul 2025
- Usual gap between rounds
- 6 years the median of 2
The rounds
- Jan 2026VentureAmount undisclosed1 new4 returning
Source recorded
- Jul 2025Series C$100M6 new2 returning
Reported by TechCrunch
- Jul 2019Series A$15M2 new
Reported by OnSEC filing: $19M sold, first sale Jul 2019
Funding filed with regulators
Substack filed 3 raises, $87M in all. Filings say how much was sold and to how many investors; they never name the investors.
- May 2023$3.3MSEC Form D
- Apr 2021$65MSEC Form D
- Jul 2019$19MSEC Form D
Founders and team
From the SEC filings it signed: 1 on the team.
- Christopher BestExecutive Officer, Directori
On the board, as filediAndrew ChenHamish McKenzie
Who was in which round
The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led.
Series A2019Series C2025Venture2026
Andreessen HorowitzL
Y Combinator
BondL
Quiet Capital
The Chernin GroupL
TCG
Fifty YearsJens Grede
Rich Paul
Andreessen HorowitzLY CombinatorBondLQuiet CapitalThe Chernin GroupLTCGFifty YearsJens GredeRich PaulEveryone who backed them
Jens GredeGrowth equity1round
Missing a round, or an investor who was in one? Tell us.
Quick answers about Substack
How much has Substack raised?
Substack has raised $115M across 3 rounds since 2019. One round did not disclose an amount, so the total is a floor.
When did Substack last raise?
Substack's most recent round was a Venture in Jan 2026.
What was Substack's biggest round?
Substack's largest round on record is $100M (Series C), in Jul 2025, led by Bond.
Who backed Substack first?
Substack's first round on record, in Jul 2019, was backed by Andreessen Horowitz and Y Combinator.
What stage is Substack at?
Substack's latest named round is a Venture, in Jan 2026.
Where is Substack based?
Substack is based in the United States.
Who led Substack's rounds?
Andreessen Horowitz led the Series A in 2019; Bond led the Series C in 2025.
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