Substack has secured $65 million in funding round led by Andreessen Horowitz. The development was first reported by news portal Axios. It informed that the funding round valued the company at around $650 million.
According to ET, “Substack said it would use the fresh capital to help fund its financing program for writers, growing a team of writers and bolster its subscription-based publishing model.”
Founded in 2017, Substack is based in San Francisco and backed by Andreessen Horowitz, Y Combinator, Fifty Years, and other investors.
Founded in 2009 by Marc Andreessen and Ben Horowitz, Andreessen Horowitz (known as “a16z”) is a venture capital firm in Silicon Valley, California, that backs entrepreneurs building the future through technology. It invests in seed to late-stage technology companies, across the consumer, enterprise, bio/healthcare, crypto, and fintech spaces. a16z has nearly $16.6B in assets under management across multiple funds, including the $1.4B Bio funds, the $865M Crypto funds, and the Cultural Leadership Fund.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.