What happened to substack?

Substack certainly knows this. It tried to raise last year, seeking $75 million to $100 million from investors. But it had revenue of only $9 million in 2021, and a sky-high valuation on relatively little revenue was not the vibe in 2022. The company gave up.

Is substack raising $65 million in new venture capital?

The Exchange explores startups, markets and money. Read it every morning on Extra Crunch, or get The Exchange newsletter every Saturday. Last evening, Axios reported that Substack is “raising $65 million in new venture capital” at a valuation of “around $650 million.”

Why should you invest in substack?

And Substack is a place where publications have bled some well-known talent, shifting the center of gravity in media. You can detect the theme. Regardless, Substack’s new valuation and investment are eye-catching.

Will substack be profitable in 2024?

Not shockingly so, but enough that any company raising that sum at its implied level of maturity would demand our attention. That we’re all familiar with Substack only makes the sum more curious. According to X CEO Linda Yaccarino, the company formerly known as Twitter will be profitable by early 2024.