Perhaps Substack can grow just fine without venture dollars

Substack, a publishing platform known for its newsletter service, announced This week it surpassed 2 million paid subscribers. show wealth of historical data we are involved in the growth of paid subscribers at Substack, the number that caught our attention.

Substack’s simple business model also helps make a few predictions about the total transaction volume and revenue for the company we’ll be exploring.

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First, a little context: Substack’s first known external capital launched in January 2018 through the Y Combinator startup accelerator. The company raised a $2 million seed round in April of the same year. From there, the startup’s ability to raise new capital quickly accelerated, with Andreessen Horowitz leads Substack’s $15.3 million Series A in the middle of 2019 and a Massive $65 million Series B in March 2021.


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