Who invested in Substrate

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.

Valuation: $1.0B, Mar 2026

Funding summaryUpdated 26 Oct 2026

$109Mraised across 3 rounds since 2024, from 3 sources

$8.0MSeed$500KPre-seed$100MSeries A

Latest round: Series A, $100MOct 2025
Step-upi: 200×
Investors: 9

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.

2025

$8.0MSeed$500KPre-seed$100MSeries A

First round: Seed, $8.0M
Biggest round: $100M
Usual gap between rounds: 13 months

The rounds

Oct 2025
Series A$100M4 new
Source recorded
Sept 2024
Pre-seed$500K1 new
- Y Combinator
Source recorded
Jun 2024
Seed$8.0M4 new
Source recorded

Founders and team

From the SEC filings it signed: 2 on the team.

Ishaan GulrajaniExecutive Officer, Directori
Zainul ShahExecutive Officer, Directori

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.

Seed2024Pre-seed2024Series A2025

Y Combinator

General Catalyst

Lightspeed Venture Partners

Founders Fund

Craft Ventures

Valor Equity Partners

South Park Commons

Long Journey VenturesGuillermo Rauch

Everyone who backed them

Y CombinatorAccelerator1round

General CatalystVC firm1round

Lightspeed Venture PartnersVC firm1round

Founders FundVC firm1round

Craft VenturesVC firm1round

Valor Equity PartnersVC firm1round

South Park CommonsAccelerator1round

Long Journey VenturesVC firm1round

Guillermo RauchVC firm1round

Missing a round, or an investor who was in one? Tell us.

Also claim to have backed them

This firm lists Substrate as a portfolio company on their own website, but no report of a round names it. They are the firms' own claims, kept apart from the rounds above.