Latest news with #CherninGroup
Yahoo
5 days ago
- Business
- Yahoo
Newsletter platform Substack valued at $1.1 billion in latest funding round
(Reuters) -Substack has raised $100 million in a funding round led by venture capital firms Bond and the Chernin Group at a valuation of $1.1 billion, the newsletter platform said on Thursday. The series C funding round also saw participation from existing investor Andreessen Horowitz, as well as Rich Paul, CEO and founder of Klutch Sports Group and Jens Grede, CEO and co-founder of SKIMS. The funding comes four months after the San Francisco-based company said it had more than 5 million paid subscriptions on the platform, up from 4 million paid subscriptions in November last year. The company, which has raised $200 million in total since its founding in 2017, is a leading platform for writers, journalists and creators to publish and monetize newsletters, podcasts and other digital content directly to subscribers. Users are increasingly turning to newsletter platforms such as Substack and Ghost amid growing digitization, as they offer creators greater control by delivering content directly to subscribers. Such content distribution often bypass traditional social media algorithms providing better user-targeting. "We're doubling down on the Substack app, which is designed to help audiences reclaim their attention and connect with the creators they care about," Substack co-founders said in a blog post. As part of the funding, Bond general partner Mood Rowghani will join Substack's board of directors, the company said. Sign in to access your portfolio
Reuters
5 days ago
- Business
- Reuters
Newsletter platform Substack valued at $1.1 billion in latest funding round
July 17 (Reuters) - Substack has raised $100 million in a funding round led by venture capital firms Bond and the Chernin Group at a valuation of $1.1 billion, the newsletter platform said on Thursday. The series C funding round also saw participation from existing investor Andreessen Horowitz, as well as Rich Paul, CEO and founder of Klutch Sports Group and Jens Grede, CEO and co-founder of SKIMS. The funding comes four months after the San Francisco-based company said it had more than 5 million paid subscriptions on the platform, up from 4 million paid subscriptions in November last year. The company, which has raised $200 million in total since its founding in 2017, is a leading platform for writers, journalists and creators to publish and monetize newsletters, podcasts and other digital content directly to subscribers. Users are increasingly turning to newsletter platforms such as Substack and Ghost amid growing digitization, as they offer creators greater control by delivering content directly to subscribers. Such content distribution often bypass traditional social media algorithms providing better user-targeting. "We're doubling down on the Substack app, which is designed to help audiences reclaim their attention and connect with the creators they care about," Substack co-founders said in a blog post. As part of the funding, Bond general partner Mood Rowghani will join Substack's board of directors, the company said.
Bloomberg
5 days ago
- Business
- Bloomberg
Substack Raises $100 Million at $1.1 Billion Valuation
Substack, the newsletter platform for independent writers, has raised $100 million to invest in better tools, broader reach and more support for creators on the site. Investors were led by technology investment firm BOND and the Chernin Group, the company announced Thursday. Andreessen Horowitz, Klutch Sports Group founder Rich Paul and Skims Body Inc. co-founder Jens Grede also participated in the round, which values the company at $1.1 billion.
New York Times
5 days ago
- Business
- New York Times
Substack Raises $100 Million, Betting on Subscriptions but Coming Around to Ads
Substack began its life as a buzzy newsletter company, devoted to helping writers connect with paying subscribers. The start-up was critical of social media and dismissive of advertising. Nearly eight years later, Substack is pouring much of its effort into building a social network and warming up to the advertising business. To fuel those ambitions, Substack has raised $100 million in funding from investors, including the Chernin Group, which backs sports, media and fan-focused businesses; BOND, a technology investment firm; Klutch Sports Group, a sports agency; Andreessen Horowitz, the venture capital firm; and the fashion executive Jens Grede, a co-founder of the shapewear brand Skims. The funding round valued Substack at $1.1 billion, according to two people close to the deal. Substack's business model is simple: Users subscribe to follow creators on the platform, and the company takes a 10 percent cut of the revenue when those creators charge for a newsletter subscription or access to a podcast. That approach initially made Substack a writer's haven, resulting in more than five million paid subscriptions and a stable of publishers, including the short story master George Saunders, the historian Heather Cox Richardson and an exodus of journalists from traditional newsrooms. But the latest investors are betting on an emerging product that could amplify its business. Substack's app, introduced in 2022, allows users to chat with their favorite creators, watch live video conversations and write and share posts on their own feeds through Notes, a feature similar to X or Bluesky. The Substack app now has millions of users that draw in new creators and subscribers, said Chris Best, the chief executive of Substack, and Hamish McKenzie, its co-founder. They also said in an interview that Substack was planning to get deeper into the advertising business, which it previously criticized. Want all of The Times? Subscribe.
Bloomberg
06-05-2025
- Business
- Bloomberg
Dick's Sporting Leads $120 Million Funding Round for Unrivaled
Unrivaled Sports, which owns a number of youth sports venues and events, is raising $120 million in a funding round led by the venture arm of retailer Dick's Sporting Goods Inc. As part of the arrangement set to be announced on Tuesday, Dick's will be involved with the company's board of directors and the two parties will explore partnership opportunities. The retailer was joined by sports investment firm Dynasty Equity, LionTree, Miller Sports and Entertainment and existing investor the Chernin Group in the round.
