# Substack funding: rounds and investors > Substack has raised $115M across 3 rounds since 2019. Investors include Andreessen Horowitz, Y Combinator and Bond. Every round with its source. Source: https://millionrounds.com/company/substack (Millionrounds; every figure on the page links to its filing or article) United States · [Venture startup](https://millionrounds.com/companies) # 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. Creator Economy Media Raised 10 months ago Valuation: $1.1B, Mar 2026 Y Combinator: W18 Follow Substack and see its new rounds in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Fcompany%2Fsubstack) Funding summary Updated 5 Nov 2026 **$115M** raised across 3 rounds since 2019, from 3 sources **$15M** Series A **$100M** Series C - **Latest round:** Venture Jan 2026 - **Biggest round:** $100M Series C · Jul 2025 - **Investors:** 9 (3 led) See who backed them ## The funding story Each circle is a round, placed by date and sized by amount. The line above is the running total. 2020 2021 2022 2023 2024 2025 2026 **$15M** Series A **$100M** Series C **?** Venture - **First round:** Series A, $15M - **Biggest round:** $100M - **Usual gap between rounds:** 6 years ## The rounds - **Jan 2026** Venture **Amount undisclosed** *1 new* *4 returning* [Y Combinator](https://millionrounds.com/fund/y-combinator) [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) [Quiet Capital](https://millionrounds.com/fund/quiet-capital) [Bond](https://millionrounds.com/fund/bond) [Fifty Years](https://millionrounds.com/fund/fifty-years-industries-llc) Source recorded - **Jul 2025** Series C **$100M** *6 new* *2 returning* [Bond](https://millionrounds.com/fund/bond) Lead [The Chernin Group](https://millionrounds.com/fund/the-chernin-group-tcg) Lead [Y Combinator](https://millionrounds.com/fund/y-combinator) [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) [Quiet Capital](https://millionrounds.com/fund/quiet-capital) [TCG](https://millionrounds.com/fund/tcg) [Jens Grede](https://millionrounds.com/fund/jens-grede) [Rich Paul](https://millionrounds.com/fund/rich-paul) Reported by TechCrunch - **Jul 2019** Series A **$15M** *2 new* [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) Lead [Y Combinator](https://millionrounds.com/fund/y-combinator) Reported by On SEC 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 **$3.3M** 1 investor equity of $5.0M offered SEC Form D - Apr 2021 **$65M** 33 investors equity SEC Form D - Jul 2019 **$19M** 32 investors equity SEC Form D ## Founders and team From the SEC filings it signed: 1 on the team. - **Christopher Best** Executive Officer, Director i On the board, as filed i *Andrew Chen* *Hamish 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 A** 2019 **Series C** 2025 **Venture** 2026 [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) L [Y Combinator](https://millionrounds.com/fund/y-combinator) [Bond](https://millionrounds.com/fund/bond) L [Quiet Capital](https://millionrounds.com/fund/quiet-capital) [The Chernin Group](https://millionrounds.com/fund/the-chernin-group-tcg) L [TCG](https://millionrounds.com/fund/tcg) [Fifty Years](https://millionrounds.com/fund/fifty-years-industries-llc) [Jens Grede](https://millionrounds.com/fund/jens-grede) [Rich Paul](https://millionrounds.com/fund/rich-paul) ## Everyone who backed them [Andreessen Horowitz](https://millionrounds.com/fund/andreessen-horowitz) VC firm **3** rounds, led 1 [Y Combinator](https://millionrounds.com/fund/y-combinator) Accelerator **3** rounds [Bond](https://millionrounds.com/fund/bond) Growth equity **2** rounds, led 1 [Quiet Capital](https://millionrounds.com/fund/quiet-capital) VC firm **2** rounds [The Chernin Group](https://millionrounds.com/fund/the-chernin-group-tcg) VC firm **1** round, led 1 [TCG](https://millionrounds.com/fund/tcg) Private equity **1** round [Fifty Years](https://millionrounds.com/fund/fifty-years-industries-llc) VC firm **1** round [Jens Grede](https://millionrounds.com/fund/jens-grede) Growth equity **1** round [Rich Paul](https://millionrounds.com/fund/rich-paul) Angel **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=substack). ## Quick answers about Substack ### Who invested in Substack? Substack's investors include Andreessen Horowitz, Y Combinator, Bond, Quiet Capital and The Chernin Group, and 4 more on record. ### 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. ## Companies like Substack In the same sector, and raised in the last eighteen months. [**Fal** $1.4B · Nov 2026](https://millionrounds.com/company/fal)[**Pika** $216M · Oct 2026](https://millionrounds.com/company/pika)[**Indent** $7.2M · Oct 2026](https://millionrounds.com/company/indent)[**Overtime** $33M · Oct 2026](https://millionrounds.com/company/overtime)[**Pro Shop** $24M · Oct 2026](https://millionrounds.com/company/pro-shop)[**ParentConnect** $420K · Sept 2026](https://millionrounds.com/company/parentconnect) ## Find investors like these Search every investor by what they have actually funded, then narrow to your stage and market. Free. Open the investor searchOr these rounds in the app