The newsletter platform Substack has completed a $100 million financing round, reaching a valuation of $1.1 billion

ChainCatcher news, according to Bloomberg, the newsletter platform Substack for independent writers has recently completed a $100 million financing round, bringing its valuation to $1.1 billion.

This round of financing was led by BOND and Chernin Group, with participation from Andreessen Horowitz, Klutch Sports Group founder Rich Paul, and Skims Body Inc. co-founder Jens Grede, among others.

Founded in 2017, Substack allows creators to sell paid subscriptions to newsletters and has expanded into the podcast and video content space. Currently, the number of paid subscribers has surpassed 5 million, and it has expanded into content formats such as podcasts and videos. Earlier this year, Substack also launched a $20 million fund to attract content creators from social platforms like TikTok.