Valuation
$1.1B
Basis and date
Funding round · Jul 1, 2025
Rank by valuation
#463
Sector · country
Media and Publishing · United States
Revenue (reported, 2021)
$9M
Employees
94 (June 2022)
Valuation history
| Date | Basis | Valuation | Source |
|---|---|---|---|
| Jul 1, 2025 | Funding round | $1.1B | Substack raises $100M, becoming unicorn with $1.1B valuation ↗ |
The latest reported valuation, with the report it came from.
Funding rounds filed with the SEC
| First sale | Amount sold | Offering size | Investors | Security |
|---|---|---|---|---|
| May 17, 2023 | $3M | $5M | 1 | Equity |
| Apr 28, 2021 | $65M | $65M | 33 | Equity |
| Jul 8, 2019 | $19M | $19M | 32 | Equity |
From the company’s Form D notices (SEC filings ↗). Form D reports the amount sold, not the valuation or the investors’ names.
Executives and directors
- Christopher Best · Executive Officer, Director (SEC Form D)
Founders
Chris Best, Hamish McKenzie, Jairaj Sethi
IPO status
Not on the IPO Calendar.
Valuations are point-in-time marks, not trading prices, and private shares are not generally available to retail investors. Data: Wikipedia’s list of unicorn startup companies and the company’s article (CC BY-SA 4.0), and SEC Form D filings, company article. Last updated Nov 13, 2026. This is historical data, not investment advice. Report a data error