Substack raises $100 million in new funding, with a valuation of $1.1 billion

On July 18, according to Bloomberg, the independent writer platform Substack recently completed a $100 million financing round, with the latest valuation reaching $1.1 billion. This round of financing was led by BOND and Chernin Group, and participated in by Andreessen Horowitz, Klutch Sports Group founder Rich Paul, and Skims Body Inc. co-founder Jens Grede. Substack was founded in 2017 and currently has more than 5 million paid subscribers, and has expanded to content formats such as podcasts and videos. Earlier this year, Substack also launched a $20 million fund to attract content creators from social platforms such as TikTok to join. [PANews]