Reuters reported that Substack laid off about 14% of staff roughly two years before its July 2025 funding round, after abandoning a planned raise.
SourcePublic company, workplace, funding, and market signals
Updated Jul 29, 2026
Substack is a San Francisco-based creator publishing platform and app that helps writers, podcasters, video creators, and media companies publish, distribute, and monetize paid subscriptions while keeping direct ownership of audience relationships.
Primary product
Subscription publishing platform and app for independent creators
Founded
2017
Headquarters
San Francisco, California, United States
Team size
100+
Work style
Flexible
Industry
Media and Publishing
Sub-industry
Creator publishing / newsletter platform
Offices
10 jobs at Substack
Business model
Stage
Series C
Total raised
$200.2M
Latest round
Series C · Jul 2025
Latest amount
$100M
Jul 2025 · BOND and The Chernin Group (TCG)
Nov 2024 · Omeed Malik and Naval Ravikant
Mar 2021 · Andreessen Horowitz
Jul 2019 · Andreessen Horowitz
May 2018
Jan 2018 · Y Combinator
Leadership
Co-founder and CEO
Co-founder and CTO
Co-founder and Chief Writing Officer
Mike Cohen
Head of AI & ML Engineering
Mission-driven, creator-first, and high-ownership; the company emphasizes autonomy, direct relationships with customers, and building tools that let creators own their work and audience.
Work style
Flexible
Compensation
Public postings emphasize market-competitive salaries and equity for full-time roles, with example salary ranges such as $185k-$225k for systems engineering and $140k-$260k for full-stack enterprise roles.
Benefits
Pricing
Free to start; Substack takes 10% of paid subscription revenue, plus payment processing fees; enterprise and writer-onboarding paths are available through the platform.
Differentiators
Technology
Customers
Competitors
Reuters reported that Substack laid off about 14% of staff roughly two years before its July 2025 funding round, after abandoning a planned raise.
SourceSubstack acquired Yem; Crunchbase also lists prior acquisitions of Cocoon, Letter, and People & Company in 2021.
Source404 Media · Jul 2026
404 Media reported backlash from some Substack writers and readers after the company launched AI-detection tools and transparency features around AI-assisted writing.
TechCrunch · Jun 2026
TechCrunch covered Substack’s Reply Rules feature, which lets creators set community reply preferences and moderation rules across posts, Notes, and Chat.
Reuters Breakingviews · Jan 2026
Reuters argued that Substack’s push into broader publishing and growth features could intensify pressure on its media business model as it expands beyond newsletters.
Reuters · Jul 2025
Reuters reported Substack raised $100 million in a Series C round led by BOND and The Chernin Group, valuing the company at $1.1 billion and including participation from Andreessen Horowitz, Rich Paul, and Jens Grede.
TechCrunch · Jul 2025
TechCrunch covered the Series C raise, noting the company’s plan to invest in broader tools, reach, and support for creators and the Substack app.