Newsletter platform Substack has secured $100 million in a Series C funding round, bringing its valuation to $1.1 billion, the company announced on Thursday.

The round was led by venture capital firms Bond and the Chernin Group, with additional backing from existing investor Andreessen Horowitz, as well as Klutch Sports Group CEO Rich Paul and SKIMS co-founder Jens Grede.

Founded in 2017, Substack has now raised a total of $200 million. The platform has emerged as a leading space for independent writers, journalists, and digital creators to publish and monetize newsletters, podcasts, and other content directly to their audiences.

The latest investment comes just months after Substack reported reaching over 5 million paid subscriptions — up from 4 million in November 2023 — underscoring its rapid growth and appeal among creators seeking alternatives to traditional media and social platforms.

“Users are increasingly looking for more direct, meaningful content experiences,” Substack’s co-founders said in a blog post. “We’re doubling down on the Substack app to help audiences reclaim their attention and connect with the creators they care about.”

The platform’s model allows writers to bypass social media algorithms and deliver content straight to subscribers, offering both creative control and improved audience targeting.

As part of the funding agreement, Mood Rowghani, general partner at Bond, will join Substack’s board of directors.

Substack’s expansion reflects a broader shift in digital media, as creators seek platforms that offer greater autonomy and sustainable monetization.