# Substack

> Publishing platform for independent writers with subscriptions and network effects.

## Why it is interesting

Substack remains the reference independent media business model. a16z’s continued involvement keeps it on the “on fire” media-tech map as AI changes content economics.

## Profile

- **Stage:** growth
- **Status:** private
- **Industries:** media-entertainment, consumer
- **Coverage:** full
- **Last updated:** 2026-07-24

## Key facts

- Series B (Mar 2021): $65M at ~$650M led by a16z (Andrew Chen); YC Continuity prior participant (Reuters)
- Series A (Jul 2019): $15.3M led by a16z (public reporting)
- Co-investors not in VCT directory: Y Combinator Continuity
- Source: https://on.substack.com/p/investing-in-writers
- VCT directory co-investors: none mapped (non-directory syndicates noted above); reviewed 2026-07-24

## Investors in our directory

- https://venturecapitaltracker.com/fund/andreessen-horowitz

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Source: https://venturecapitaltracker.com/startup/substack