Substack

Substack is an American online platform that offers publishing, payment, analytics, and design infrastructure to support subscription-based content, including newsletters, podcasts, and video. Founded in 2017 by Chris Best, Hamish McKenzie, and Jairaj Sethi, the company is headquartered in San Francisco, California. Substack enables writers to send digital content directly to subscribers, fostering a direct relationship between creators and their audience. As of 2025, Substack has over 5 million paid subscriptions, up from 2 million in 2023, reflecting significant growth in the creator economy. The platform has attracted high-profile journalists and media personalities transitioning from traditional media, contributing to its rapid expansion. In July 2025, Substack raised $100 million in a Series C funding round, valuing the company at over $1.1 billion and officially making it a unicorn. This funding will be used to expand tools, increase reach, and enhance support for writers and creators. Despite acquisition interest, including a rebuffed offer from Elon Musk, Substack remains focused on independent growth and does not currently seek additional outside capital. The company continues to enhance its platform, adding features like video creation and editing tools, and partnerships with platforms like Spotify to enable podcasters to distribute episodes on both platforms. Substack's mission is to build a new economic engine for culture, empowering independent writers and creators to monetize their content directly through subscriptions.