Substack, the popular newsletter platform, has secured $100 million in a Series C funding round—bringing its valuation to $1.1 billion and officially making it a unicorn, according to Axios.

The round was led by BOND and The Chernin Group, with participation from Andreessen Horowitz, Rich Paul, and Jens Grede, Reuters confirms.

Launched in 2017, Substack now hosts over 5 million paid subscriptions—up from 2 million in 2023—and plans to invest the funds in “better tools, broader reach, and deeper support for writers,” per co‑founders the Substack Post.

Why it matters: The round underscores growing investor confidence in creator-first economics and signals Substack’s intent to expand its app and publishing tools aggressively.