Can Substack Live Up to $650 Million Valuation?

“I imagine the Substack execs won’t be sleeping that much in the near future,” one industry analyst says

The newsletter company that’s drawn in high-profile writers and journalists like Patti Smith, Roxane Gay, Anne Helen Peterson and Casey Newton is going big with a new round of venture capital funding, but can Substack successfully live up to its new $650 million valuation?

Last week, the newsletter company announced it had agreed to a $65 million Series B funding round led by Andreesen Horowitz’s Andrew Chen, placing Substack at a roughly $650 million valuation. Andreesen Horowitz also, notably, led a $100 million Series B funding round earlier this year for the live audio app Clubhouse, which is in talks for another round of funding at a $4 billion valuation, Bloomberg reported on Tuesday.

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J. Clara Chan

J. Clara Chan

Media and politics reporter • jclara.chan@thewrap.com • Twitter: @jclarachan