# Substrate funding: rounds and investors > Substrate has raised $109M across 3 rounds since 2024. Investors include Y Combinator, General Catalyst and Lightspeed Venture Partners. Source: https://millionrounds.com/company/substrate (Millionrounds; every figure on the page links to its filing or article) United States · [Series A startup](https://millionrounds.com/companies) # 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. AI Valuation: $1.0B, Mar 2026 Funding summary Updated 26 Oct 2026 **$109M** raised across 3 rounds since 2024, from 3 sources **$8.0M** Seed **$500K** Pre-seed **$100M** Series A - **Latest round:** Series A, $100M Oct 2025 - **Step-up i:** 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 **$8.0M** Seed **$500K** Pre-seed **$100M** Series A - **First round:** Seed, $8.0M - **Biggest round:** $100M - **Usual gap between rounds:** 13 months ## The rounds - **Oct 2025** Series A **$100M** *4 new* [General Catalyst](https://millionrounds.com/fund/general-catalyst) [Founders Fund](https://millionrounds.com/fund/founders-fund) [Valor Equity Partners](https://millionrounds.com/fund/valor-equity-partners) [Long Journey Ventures](https://millionrounds.com/fund/long-journey-ventures) Source recorded - **Sept 2024** Pre-seed **$500K** *1 new* [Y Combinator](https://millionrounds.com/fund/y-combinator) Source recorded - **Jun 2024** Seed **$8.0M** *4 new* [Lightspeed Venture Partners](https://millionrounds.com/fund/lightspeed-venture-partners) [Craft Ventures](https://millionrounds.com/fund/craft-ventures) [South Park Commons](https://millionrounds.com/fund/south-park-commons) [Guillermo Rauch](https://millionrounds.com/fund/guillermo-rauch) Source recorded ## Founders and team From the SEC filings it signed: 2 on the team. - **Ishaan Gulrajani** Executive Officer, Director i - **Zainul Shah** Executive Officer, Director i ## 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. **Seed** 2024 **Pre-seed** 2024 **Series A** 2025 [Y Combinator](https://millionrounds.com/fund/y-combinator) [General Catalyst](https://millionrounds.com/fund/general-catalyst) [Lightspeed Venture Partners](https://millionrounds.com/fund/lightspeed-venture-partners) [Founders Fund](https://millionrounds.com/fund/founders-fund) [Craft Ventures](https://millionrounds.com/fund/craft-ventures) [Valor Equity Partners](https://millionrounds.com/fund/valor-equity-partners) [South Park Commons](https://millionrounds.com/fund/south-park-commons) [Long Journey Ventures](https://millionrounds.com/fund/long-journey-ventures) [Guillermo Rauch](https://millionrounds.com/fund/guillermo-rauch) ## Everyone who backed them [Y Combinator](https://millionrounds.com/fund/y-combinator) Accelerator **1** round [General Catalyst](https://millionrounds.com/fund/general-catalyst) VC firm **1** round [Lightspeed Venture Partners](https://millionrounds.com/fund/lightspeed-venture-partners) VC firm **1** round [Founders Fund](https://millionrounds.com/fund/founders-fund) VC firm **1** round [Craft Ventures](https://millionrounds.com/fund/craft-ventures) VC firm **1** round [Valor Equity Partners](https://millionrounds.com/fund/valor-equity-partners) VC firm **1** round [South Park Commons](https://millionrounds.com/fund/south-park-commons) Accelerator **1** round [Long Journey Ventures](https://millionrounds.com/fund/long-journey-ventures) VC firm **1** round [Guillermo Rauch](https://millionrounds.com/fund/guillermo-rauch) VC firm **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=substrate). ## 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. [Refract Ventures](https://millionrounds.com/fund/refract-vc) VC firm Per its own site ## Quick answers about Substrate ### Who invested in Substrate? Substrate's investors include Y Combinator, General Catalyst, Lightspeed Venture Partners, Founders Fund and Craft Ventures, and 4 more on record. ### How much has Substrate raised? Substrate has raised $109M across 3 rounds since 2024. ### When did Substrate last raise? Substrate's most recent round was a Series A of $100M in Oct 2025. ### What was Substrate's biggest round? Its most recent round, $100M in Oct 2025, is also its largest on record. ### Who backed Substrate first? Substrate's first round on record, in Jun 2024, was backed by Lightspeed Venture Partners, Craft Ventures and South Park Commons and 1 others. ### What stage is Substrate at? Substrate's latest named round is a Series A, in Oct 2025. ### Where is Substrate based? Substrate is based in the United States. ## Companies like Substrate In the same sector, and raised in the last eighteen months. [**SpaceX** $42B · Oct 2026](https://millionrounds.com/company/spacex)[**xPay** $1.5M · Oct 2026](https://millionrounds.com/company/xpay)[**Albert Invent** $20M · Oct 2026](https://millionrounds.com/company/albert-invent)[**FORT Robotics** $39M · Oct 2026](https://millionrounds.com/company/fort-robotics)[**Pika** $216M · Oct 2026](https://millionrounds.com/company/pika)[**Vertical Semiconductor** $84M · Oct 2026](https://millionrounds.com/company/vertical-semiconductor) ## Find investors like these Search every investor by what they have actually funded, then narrow to your stage and market. Free. 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